THE NFL has caught the bitcoin fever. The popular cryptocurrency seems to be becoming a big part of the “locker room talk” for many NFL stars.
Speaking to CNBC, Seattle Seahawks cornerback, Richard Sherman says bitcoin has become a thing of great interest for NFL players. Much like the greater majority of new Bitcoin followers, the cause of the interest lies in the astronomical growth of the currency.
In December of last year, the price of bitcoin almost broke the $20,000 mark. It was a remarkable 12 months for the cryptocurrency that started the year at below $1,000.
Reacting to the unprecedented growth of bitcoin, Sherman says many NFL players have begun to take notice of bitcoin and the cryptocurrency market in general, as a viable investment market.
According to Sherman, the majority of the discussions are centered on trying to obtain clarity about cryptocurrencies in general.
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He says players are trying to understand the mechanics and dynamics of the market. Questions like how do cryptos differ from stocks and whether there are physical “coins” are among some of the most common inquiries. A major contributing factor of the interest being paid to crypto stems from the desire of players to maintain their financial success even after retirement.
It is common to see players employ the services of hedge fund managers and financial advisers who help them manage their investment portfolios.
Sherman isn’t new to bitcoin as he is an early adopter of the cryptocurrency. As early as 2014, he had already started accepting bitcoin payments for his merchandise on Amazon. Sherman is also a spokesperson for Cobinhood, a cryptocurrency exchange and trading platform service.
Apart from being a spokesperson for the platform, he also owns COB coins, the native cryptocurrency of the Cobinhood platform.
The 29-year old star cornerback is currently recuperating from a ruptured Achilles tendon injury that has ruled him out for the rest of the season. He spends his free time trying to improve his knowledge of the cryptocurrency market.
The interest in bitcoin by NFL stars hasn’t been without its own fair share of controversy. In December 2017, the story of retired NFL running back, Darren McFadden of the Dallas Cowboys suing his financial advisor for fraud made headlines.
Apparently, McFadden’s FA had diverted about $3 million worth of bitcoin investment that would have yielded up to $237 million in potential profits based on the price movement of the cryptocurrency.
The suit alleged that the funds weren’t invested in bitcoin and as such, McFadden missed out on huge gains. McFadden fired his FA claiming fraudulent power of attorney documents.
With professional athletes looking for ways to safeguard their financial resources after retiring, investment options like bitcoin and other cryptocurrencies will become a viable option.
If cryptocurrency markets are able to emulate the performances of 2017, it is likely that more interest will be focused on the market.