Cryptocurrencies are a dangerous venture! The risks are high and if you ain’t smart about its investment, you will end up losing whatever amount you put in there.
It’s reported that New York Giants running back Saquon Barkley has lost $5 million out of his $10 million bitcoin investment in just a year. It was a great investment idea last year but ended badly.
TPS got more;
Last year, New York Giants running back Saquon Barkley decided to convert $10 million in endorsement money he received from Pepsi and Nike into Bitcoin. At the time it seemed like a good idea, as Bitcoin prices were at an all-time high. Fast forward just one year later and that ten mill has now been cut by more than half. Ouch!
Barkley is not alone here. In 2020, Offensive Tackle Russell Okung requested that half of his $13 million dollar contract with the Carolina Panthers be paid in Bitcoin, becoming the first NFL player to get a portion of his salary in crypto. Also, like Barkley, Jacksonville Jaguars quarterback Trevor Lawrence has taken a huge amount of endorsement money in cryptocurrency.
Saquon is entering the final year of his rookie contract and is set to become a free agent after this upcoming season. Barkley needs to have a great season in order to secure his next big contract.
Hopefully he decides to take good old fashion cash when he signs his next deal.
Any investment is a risk. The problem with bitcoin is to really make a lot of money you have to invest a lot of money because each bitcoin cost so much. That is always going to be a tricky situation because if it crashes the hit is going to be way harder. As opposed to investing in less violated stocks, but no risk no reward.
Barkley just has to hope the bitcoin craze rebounds at some point.
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