Why NBA legend Shaquille ONeal hasn’t invested in crypto

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Since retiring from the NBA in 2011, Shaquille O’Neal has reportedly amassed a net worth of over $ 400 million. But the Basketball Hall of Famer says it is avoiding a popular investment strategy: cryptocurrencies.

“I don’t understand,” O’Neal told CNBC Make It. “So I’m probably going to stay away until I understand what this is about.”

The former Los Angeles Lakers star says he doesn’t hit others for trying it. Over the past few months, a slew of pro athletes have ventured into cryptocurrency, from seven-time Super Bowl champion Tom Brady and the New York Giants back Saquon Barkley to three-time NBA champion Stephen Curry. .

But, O’Neal notes, he’s suspicious of any overnight success stories he’s seen involving digital currencies. “Every time someone tells me one of those great stories. I like it. But in my experience, it’s too good to be true,” he says.

In July, O’Neal told Front Office Sports that he was often approached by crypto companies for potential partnerships and promotional work: “I always get these companies that say, ‘Hey, we’ll give you $ 900,000 in crypto to send a tweet. ‘So I have to say,’ OK, if you’re going to give me a million dollars in crypto, then what do you need me for? ‘”

The 15-time All-Star also said a few of his friends “got caught up in a little scam like this once,” which sidetracked him from the concept.

Another Basketball Hall of Fame member Charles Barkley also agrees with O’Neal. Barkley told CNBC Make It last month that his advisers “don’t believe in crypto.”

“I have a couple of finance guys. One of them said, ‘If I ever put you in crypto, you should fire me right now,’” Barkley said.

Many financial experts have warned investors that the cryptocurrency market has always been volatile, advising people to invest only the money they can afford to lose. Billionaire investor Ray Dalio told CNBC Make It last month that he invested a “very small amount” of money in bitcoin, only to diversify his portfolio, but if he was forced to choose between bitcoin and a physical asset like gold, he would choose gold.

Still, many athletes and investors, including some with plenty of cash to start with, are optimistic about the future of digital currencies. In May, Brady told Coindesk he was “a big supporter” of crypto, although he declined to disclose specific details about the crypto assets he invested in.

O’Neal says his investing style is simple: He only invests in assets that he believes can change people’s lives. “I heard Jeff Bezos say once [that] he makes his investments based on whether it’s going to change people’s lives, “O’Neal told the Wall Street Journal in 2019.” Once I started doing this strategy, I think I probably quadrupled what I am worth.

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