Saquon Barkley, the star running back who signed a staggering $31,000,000 deal in his rookie year back in 2018, made headlines three years ago by announcing his decision to convert his annual endorsement money, which amounts to a substantial $10,000,000, into Bitcoin.
Barkley, following in the footsteps of several other athletes who saw the potential of Bitcoin, made a significant move to convert his endorsement earnings into cryptocurrency a couple of years ago. At the time, Bitcoin’s value was soaring, and it seemed like a promising investment. However, as the crypto market experienced a continuous decline, it appears that Barkley’s decision might not have resulted in the expected gains.
Saquon Barkley’s Bitcoin Endeavor: From Promise to Prudence
Back in 2021, New York Giants running back Saquon Barkley made headlines with his bold announcement to convert his substantial annual endorsement money, valued at over $10 million, into Bitcoin. As per CNBC, at the time of his decision, Bitcoin was worth over $60k, which fueled Barkley’s optimism about the potential returns on his investment and creating generational wealth.
His endorsement deals with major brands like Nike, Toyota, and Pepsi, earning him over $10 million annually, have given Barkley the financial flexibility to explore the then-hyped crypto market. With the support of his Giants team, which is sponsored by Grayscale Investments, and his friendship with the CEO of Strike, Barkley delved into the world of cryptocurrency.
On the podcast The Best Business Show, Barkley stated, “I am going to be taking my marketing money in Bitcoin.” He further justified his decision and said:
“When you see the KDs, the Lebrons and Bradys of the world and you want to create generational wealth, you can’t do that with the sport that I play and the position that I play and coming off of injuries.”
However, the volatile nature of the cryptocurrency market proved to be unforgiving for him. Since Barkley’s initial move, the value of Bitcoin has experienced significant fluctuations. As of the time of writing, Bitcoin’s value has plummeted to $30.20k, resulting in almost half of Barkley’s initial investment being wiped out, which is close to $5 million, assuming he hasn’t sold his Bitcoins yet.
However, recent events, including the FTX debacle and the overall market volatility, have left athletes more skeptical about the crypto space. The wild price swings and the lack of regulatory oversight in the cryptocurrency market have raised caution flags for many, prompting them to reconsider their investment strategies. While there is no surety about whether Saquon lost his money or not, what we do know is that NFL GOAT Tom Brady sure lost the moolah due to the FTX debacle.
Tom Brady’s Costly Encounter with FTX Debacle
Tom Brady, widely regarded as the NFL’s Greatest of All Time (GOAT), suffered a significant financial hit due to the FTX fallout. With a net worth of $270-300 million, Brady lost a staggering $30 million as the crypto exchange platform went bankrupt. As reported by Dov Klieman, his former wife, Gisele Bundchen also lost $18 million in the fallout.
FTX, which faced a $32 billion market wipeout, proved to be a disastrous investment for Brady, who had invested heavily in the crypto giant and received stock options in return. Unfortunately, those stocks now hold little to no value, resulting in a substantial loss for the football legend.
As athletes continue to seek innovative ways to build generational wealth, they are now more discerning about where they put their hard-earned money, recognizing the importance of balancing potential rewards with prudent financial decision-making.
