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NBA Athletes Embracing Bitcoin: A Look at Their Investments

Richard Bongiorno | Updated On February 14, 2024

You know, cryptocurrency is creating a huge buzz these days.

And it’s not just that, it is one of the most volatile assets that anybody could invest in today.

But still, despite all this, many are convinced that it is seemingly the money of the future.

Bitcoin is so popular that even your favorite athletes are taking a swing at these digital investments.

But, why do these athletes dabble in something so uncertain?

It’s pretty simple, actually.

With all the buzz around cryptocurrencies and the Bitcoin price going to the moon, it’s no wonder that many of these athletes are taking their salaries in Bitcoin today.

Even some of the most popular NBA players are getting their just desserts from crypto.

So, if you’re curious to know which of your favorite NBA stars are embracing Bitcoin, how they’re doing it, and what kind of impact this could have on sports finance in general, you only need to keep on reading.

Overview of NBA Athletes Investing in Bitcoin

It’s 2024 and more and more of our favorite NBA stars are dabbling with the world of crypto today.

And with stars like Spencer Dinwiddie and Andre Iguodala leading the way, it’s no wonder why many others are getting into Bitcoin too.

You know, the NBA has also made some partnerships with crypto companies to jump on this bandwagon that has taken the sports industry by storm.

DID YOU KNOW?
As of 2022, crypto firms have spent over $2 billion on sports sponsorships, including the NBA, Major League Baseball, Formula 1, and Drone Racing League.

List of NBA Players Who Have Invested in Bitcoin

Spencer Dinwiddie played as a point guard for the Brooklyn Nets and has just recently signed a contract with the Los Angeles Lakers.

He is pretty well-known in the industry for his scoring and playmaking abilities, as well as for his involvement with Bitcoin investments.

In fact, he even tried to tokenize his NBA contract when the NFT craze was at an all-time high.

Andre Iguodala is a superstar four-time NBA Champion with the Golden State Warriors, former All-Star, NBA Finals MVP, and two-time Olympic Gold Medalist.

This Golden State Warriors star joined up with the CashApp app.

It is still unknown how much of his contract would have converted to crypto, but he made about $2.6 million in the 21-22 season alone.

Iguodala decided to take part of his salary in early January, when the coin price was peaking at around $42,000, it has since dropped below $30,000.

Klay Thompson might just have been discussing his finances with Iguodala because, roughly around the same time, he too decided to take part of his NBA salary through Bitcoin investments.

Following in the Footsteps

Just like these NBA players, many other sports athletes are following these trends as they see the potential of smart wealth management and invest opportunities in these digital assets.

In fact, recently, NFL star Russel Okung made headlines when he converted over half of his $ 13 million NFL salary to Bitcoin through his partnership with Strike.

NBA’s Partnership with Cryptocurrency Companies

Taking a cue from the players, the NBA has also started dabbling in the world of crypto to expand their investment portfolios.

It has formed partnerships with many crypto companies, which has opened doors for new collaborative opportunities.

Besides, these collaborations also allow fans to engage with their favorite sport through digital platforms.

Plus, this has also opened up more channels for potential endorsements and sponsorships for the players.

Impact on the NBA and Future Predictions

You know, the NBA player’s investments in Bitcoin could pretty much influence the adoption of crypto for the sports industry as a whole.

Increased Adoption of Cryptocurrency in Sports

Crypto is getting more and more popular among athletes as a mode of payment, with NBA players at the forefront of the trend.

Many more athletes are choosing to opt for Bitcoin as their preferred mode of receiving salary.

This also means that Bitcoin will become a more widely accepted form of compensation in the future.

Besides all this, it also brings into question its implications on the traditional sponsorship and marketing partnerships that the sports teams of the present enjoy.

Potential for Athletes to Be Paid in Bitcoin

You know, Bitcoin can pretty much change how the sports industry operates in the future.

It is basically a decentralized, secure payment option that also keeps a tamperproof ledger for all its transactions.

This gives the athletes more control over their earnings and also keeps their transaction costs low, as it’s not controlled by any central authority.

Bitcoin also gives the athletes a way to diversify their investment portfolios.  

Speculations on the Future of Bitcoin in the Sports Industry

When you take a deeper look at the potential of Bitcoin for the sports industry as a whole, it can bring in some pretty huge changes.

For starters, it can change how sponsorships and endorsement deals are done in the future.

Bitcoin is presently trading for $49,500, which is 144% higher than last year’s low of $20,000.

Conclusion

Many NBA players are actively embracing Bitcoin as part of their contract deals.

Adding cryptocurrency investments could give these athletes some great, practical, and efficient ways to manage their finances.

Bitcoin has some pretty huge potential for growth and innovation in the future.