How Many Millions Trevor Lawrence And Other Athletes Have Lost Due To The Crypto Crash – BlackSportsOnline
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How Many Millions Trevor Lawrence And Other Athletes Have Lost Due To The Crypto Crash

The crypto market has been down for a little while now and it has cost a lot of people a lot of money.

Not just regular investors but athletes are also losing a lot of money.

A list recently released by CoinJournal made its way around social media and on the list it showed how much some athletes have lost due to crypto being down and if I were some of them I would fire my financial advisor or get one.

Among the names were Trevor Lawrence who lost a reported $15 million of his $24 million signing bonus, Andre Iguodala who lost around $1 million, Odell Beckham Jr who lost a few hundred thousand, among others.

Here is some info on the Crypto crash and why some think it is a high level Ponzi scheme.

One week ago, as cryptocurrency prices plummeted, Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi – announced it was freezing withdrawals “due to extreme market conditions”.

Earlier this past week, Bitcoin dropped 15% over 24 hours to its lowest value since December 2020. Last month, TerraUSD, a stablecoin – a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna – collapsed, losing 97% of its value in just 24 hours, apparently destroying some investors’ life savings.

Eighty-nine years ago, Franklin D Roosevelt signed into law the Banking Act of 1933 – also known as the Glass-Steagall Act. It separated commercial banking from investment banking – Main Street from Wall Street – to protect people who entrusted their savings to commercial banks from having their money gambled away.

Glass-Steagall’s larger purpose was to put an end to the giant Ponzi scheme that had overtaken the American economy in the 1920s and led to the Great Crash of 1929.

Americans had been getting rich by speculating on shares of stock and various sorts of exotica (roughly analogous to crypto). These risky assets’ values rose solely because a growing number of investors put money into them.

But at some point, Ponzi schemes topple of their own weight. When the toppling occurred in 1929, it plunged the nation and the world into a Great Depression. The Glass-Steagall Act was a means of restoring stability.

Would not want to be the person advising these guys on their money.

Flip the page to see the list.

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