Why NBA legend Shaquille O’Neal hasn’t invested in crypto

Toya Wentland

Given that retiring from the NBA in 2011, Shaquille O’Neal has reportedly amassed a net worthy of of more than $400 million. But the Basketball Corridor of Famer claims he is steering obvious of one particular preferred investing strategy: cryptocurrencies.

“I do not have an understanding of it,” O’Neal tells CNBC Make It. “So I will most likely keep absent from it right up until I get a whole understanding of what it is.”

The previous Los Angeles Lakers star says he is not knocking other folks for trying it. In recent months, a slew of specialists athletes ventured into cryptocurrency, from seven-time Tremendous Bowl winner Tom Brady and New York Giants running back Saquon Barkley to a few-time NBA winner Stephen Curry.

But, O’Neal notes, he is wary of all the right away good results stories he is observed encompassing electronic currencies. “Each time someone tells me a single of these good stories, I like it. But from my expertise, it is far too good to be legitimate,” he states.

In July, O’Neal informed Entrance Business Athletics that he’s typically approached by crypto companies for prospective partnerships and marketing perform: “I constantly get these organizations that say, ‘Hey, we will give you $900,000 in crypto to deliver out a tweet.’ So I have to say, ‘OK, if you’re going to give me a million pounds worthy of of crypto, then why do you need to have me?'”

The 15-time All-Star also explained a few of his friends “obtained caught up in a small fraud like that a single time,” turning him off of the strategy.

Fellow Basketball Corridor of Famer Charles Barkley agrees with O’Neal. Barkley instructed CNBC Make It previous thirty day period that his advisors “do not believe in crypto.”

“I obtained a couple of economical fellas. A person of them explained, ‘If I ever set you in crypto, you really should fireplace me on the spot,'” Barkley stated.

Many financial authorities have warned buyers that the cryptocurrency market has often been risky, recommending that people devote only cash they can pay for to lose. Billionaire investor Ray Dalio advised CNBC Make It final month that he has invested a “extremely little amount” of money into bitcoin, purely to diversify his portfolio — but if compelled to select between bitcoin and a physical asset like gold, he’d select gold.

Even now, a good deal of athletes and investors — which include some who have lots of income to start out with — are bullish on digital currencies. In May perhaps, Brady told Coindesk he’s “a massive believer” in crypto, while he declined to disclose certain information about which crypto belongings he may perhaps have invested in.

O’Neal claims his investing fashion is very simple: He invests only in belongings that he believes can alter people’s lives. “I listened to Jeff Bezos say a person time [that] he will make his investments primarily based on if it truly is going to change people’s lives,” O’Neal informed The Wall Road Journal in 2019. “At the time I started doing that strategy, I believe I probably quadrupled what I’m well worth.”

Will not overlook:

NBA legend Charles Barkley: My advisors ‘don’t feel in crypto’

The key to NBA legend Shaquille O’Neal’s aggressive state of mind: ‘All it requires is a person word’

CC Sabathia on the income information he’d give his more youthful self: ‘Save as much funds as possible’

Alex Rodriguez on his everyday living and profession: ‘It’s an imperfect story’

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