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Some NBA Players Are Banking On Cryptocurrency Investments

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Getting paid in Bitcoin seemed like a good idea when the cryptocurrency was soaring, but the recent drop may have caught those who made the decision to receive their salary this way off on the wrong foot. A number of athletes, including many who repeatedly appear as top NBA picks, have taken to crypto salaries as a form of investment. 

It’s a movement that seems very lucrative but also carries a lot of risks. However, not even the recent downswing in crypto prices has scared some off. There are still a number of NBA players investing or being paid in digital currencies.

Riding The Crypto Wave

Among the NBA personalities that have bet their future on crypto are Klay Thompson and Andre Iguodala, both of the Golden State Warriors. They were following in the footsteps of Spencer Dinwiddie, the former Brooklyn Nets’ point guard who, in 2019, was among the first to put his salary into the crypto movement.

Many celebrities can afford their salary to vary so much. As in most investments, success or loss depends on the risk we are willing to accept and our luck-success. Bitcoin, a value declared as “extremely volatile” by most governments, can go up or down.

Actually, no one is directly collecting their salary in crypto. The truth is that both in the U.S. and in the European Union, receiving a salary in digital currency still isn’t allowed. Instead, these players say they are paid in Bitcoin, but technically they are paid in dollars or euros. 

The conversion is done after the fact, just before sending them the money and with the value of the Bitcoin at that moment.

This is because the laws require the establishment of a minimum wage, and payrolls are associated with a series of labor rights protected by the corresponding economic organizations. For example, the U.S. cannot allow that if Bitcoin sank tomorrow, the person would see their payroll drop to levels below the minimum.

The NBA NFT Craze

For many NBA players, their salary is a small percentage of their income; therefore, they can afford that risk. For some players, it’s not their salary but some accessories they decide to collect in Bitcoin.

CryptoPunks started the NFT (non-fungible token) picture trend on social media. However, it was the Bored Ape Yacht Club that took it to a new level with collectors who aren’t deeply immersed in cryptocurrency culture.

Yuga Labs’ Ethereum-based NFT project, which has produced over $2 billion in side trading volume across three collections, has a growing number of famous owners. Among these are TV host Jimmy Fallon, musicians like Post Malone, and several NBA-related celebrities.

Mark Cuban

In May, the Bored Ape was apparently given to billionaire investor Mark Cuban as a gift, according to the local publication The Bored Ape Gazette. The Dallas Mavericks owner and Shark Tank celebrity has since remained a loyal candidate among the rising ranks, even featuring on its own Lazy.com NFT profile. 

NBA Players Are Banking On Cryptocurrency

Cuban is also a huge fan of Dogecoin and has invested in several cryptocurrency and NFT companies.

Stephen Curry

When Curry joined Bored Ape in late August 2021, he may not have been the first NBA player, but he was among the top high-profile athletes to get involved. Curry purchased his Bored Ape NFT for around 180,000 ETH at the time, and he was spotted on the service’s official Discord server immediately after he bought it. 

In addition to being a three-time NBA champion, Currey is also a spokesperson for Subway and the producer of the TV show Holey Moley.

Shaquille “Shaq” O’Neal

In September 2021, Shaq bought the Mutant Ape Yacht Club’s rotating series of NFTs for less than $14,000 in ETH. Shaq is a retired four-time NBA champion and media mogul, and he bought the NFTs for less than $14,000 in ETH. 

Shaq used the Creature World NFT avatar on Twitter for some time, and he also added his own NFT through the Ethereum Chain platform.

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