Former NBA star Charles Barkley says ‘his people don’t believe in crypto’
- The NBA legend, Charles Barkley, recently said that he is distancing himself from crypto.
- Apparently, his financial advisors have suggested that he doesn’t go down the path of digital currency.
- Barkley did not disclose the reasons for this, although it can be assumed that volatility plays a large role.
For years now, sports stars and even some of the major sports legends have been attracted to the crypto industry, and in recent months, this trend has blown up more than ever before, particularly with the NFT sector emerging. However, not everyone is equally excited about the prospect of cryptocurrency, and some have even been openly skeptical about the emerging industry.
One example is the NBA legend, Charles Barkley, who is keeping his distance from the sector, following the advice of his financial advisors.
While crypto is a massive global trend, Barkley is sticking to his decision
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
According to Barkley’s recent statement, ‘his people do not believe in crypto.’ He said that he has several ‘financial guys’ whose advice he values, and one of them said,
If I ever put you in crypto, you should fire me on the spot.
Barkley admitted that the crypto industry is growing bigger and bigger and that it is currently ‘all over the place.’ However, he has his financial advisors for a reason, and he decided to follow their guidance.
Barkley did not provide details regarding why exactly are his advisors so much against digital currencies. However, most recommendations against cryptos come from the fact that the prices are extremely volatile, and that the only money that should ever be invested in the industry is the one that the investor can afford to lose.
After all, the most recent price crash has seen Bitcoin (BTC/USD) go from beyond $64k to the bottom at $30k in less than a month. Regardless, many professional athletes who have entered the industry at some point seem to be quite bullish on the future of cryptocurrencies.
As for Barkley, he has earned over $40 million in salary over the course of his 13-year-long NBA career. For all that time, he said that his biggest financial lesson is learning to say no and to stick to his choice. He claims that he doesn’t feel bad about the decision, even though it can lead to missed opportunities.
However, his firm stance is understandable, given that it has only been two years since he lost millions to his business associate and a longtime personal friend, Donald Watkins, in an investment scam. With that in mind, it is understandable why he chooses to stick to what he knows and leaves opportunistic investments to others.