Shaq Says He Won’t Invest In Crypto Until He Understands It

Source: A screenshot, Instagram/shaq

Despite the rising variety of professional basketball gamers and NBA executives who embrace cryptoassets, legendary baller Shaquille ‘Shaq’ O’Neal says he has not invested part of his estimated web price of USD 400m in crypto, and can most likely hold his distance from them till he will get a grasp of how blockchain expertise works.

“I don’t perceive it,” O’Neal told CNBC. “So I’ll most likely keep away from it till I get a full understanding of what it’s.”

The former Los Angeles Lakers participant acknowledges that quite a few athletes have entered into partnerships with crypto-focused companies or invested their very own belongings in crypto, however the success tales do little to push Shaq to enterprise into the business.

“Every time someone tells me a type of nice tales, I prefer it. But from my expertise, it’s too good to be true,” he was quoted as saying.

Some of the most recent examples of such cooperation embrace Stephen Curry who shoots hoops for the Golden State Warriors. Earlier this month, the NBA star joined NFL legend Tom Brady as an envoy for crypto derivatives alternate FTX, signing a deal that can present Curry with an fairness stake within the enterprise. 

Long earlier than the most recent deal, the ball participant was already involved in crypto commerce, amongst others buying a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) for some  ETH 55 (USD 177,316).

Another NBA participant, Brooklyn Nets guard Spencer Dinwiddie, had lengthy fought the league to have his USD 34.4m contract tokenized, promoting it as a bond on ETH. 

Meanwhile, with professional athletes more and more keen to gather fee in crypto, some franchises, such because the Sacramento Kings, need to provide bitcoin  (BTC) as a fee choice to all of their gamers and coaches, as announced by the crew’s proprietor, Vivek Ranadivé, final April. The entrepreneur stated he aimed to permit all crew employees to “receives a commission as a lot of their wage in bitcoin as they need.” 

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About the Author: Daniel