Bitcoin and other cryptocurrencies are on the tips of many people’s tongues these days, and now professional athletes in the National Football League are looking to get in on the action.
Pro Bowl Bitcoinist
The future is always uncertain, even for highly paid professional athletes. With Bitcoin and other cryptocurrencies becoming more mainstream, NFL players are starting to get involved.
One player leading the charge among his professional colleagues is the Seattle Seahawks’ cornerback and four-time Pro Bowler Richard Sherman, who began accepting Bitcoin – which he calls “the currency of the future” – as a method of payment for his official merchandise in 2014.
Sherman claims a lot of NFL players are discussing Bitcoin these days, telling CNBC that ever since the dominant cryptocurrency shot up to $19,000, “it has been common conversation for a lot of us.”
The prolific cornerback is currently nursing an injury to his Achilles tendon and has used the time to study up on the whole cryptocurrency market. He’s happily invested in Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), as well as zero-fee cryptocurrency exchange Cobinhood (COB).
— Richard Sherman (@RSherman_25) December 12, 2017
Protecting Their Futures
It might come as a surprise to some, but one in every six National Football League players files for bankruptcy roughly a decade after leaving the sport.
“None of us really grew up with … financial literacy,” Sherman explained to CNBC, adding, “a lot of [players] have been taken advantage of by financial advisers.”
Bitcoin and other cryptocurrencies offer another investment opportunity to NFL players looking to get in on an emerging market – though it’s not without its risk. “There are a ton of different coins,” Sherman says, while explaining that the sheer number of cryptocurrencies available is enough to overwhelm even seasoned investors.
Still, he’s happy to talk crypto with his teammates and colleagues. However, Sherman knows he isn’t a financial advisor, and thus refrains from giving them financial advice, explaining:
You read up, you hear great things about some [coins], you hear terrible things about others, they fluctuate throughout the day. It is such an unpredictable market.
Despite the volatility, Sherman is happily invested in Bitcoin and other cryptocurrencies – and he believes they are one option to help NFL players diversify their investment portfolios and protect their wealth, telling CNBC:
A lot of them have just been trying their best to become more educated on not only cryptocurrencies, but just stocks and trading in general […] So people in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going.
Hopefully, that means they’re buying the dips.
What do you think of Bitcoin and other cryptocurrencies as long-term investments for professional athletes? Do you think crypto can help NFL players better manage their wealth? Let us know in the comments below!
Images courtesy of iStockPhoto, Pexels.
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