How much has Saquon Barkley lost in latest Bitcoin dive?
The crypto market is still relatively new and exciting, which also makes it potentially dangerous to go all-in unless you really know what you're doing. Amid a recent downtrend in the crypto market, similar to more traditional markets, it was easy to surmise that athletes who have decided to take advertising money solely through crypto might have reason to question their financial decisions.
Among pro athletes who have taken a leap into crypto is former Penn State running back Saquon Barkley. Barkley announced last July that he would accept all future endorsement payments exclusively through bitcoin. Barkley has signed marketing deals with Nike and Pepsi, to name just two major companies joining Barkley, and Barkley has been reported to make more than $10 million a year from endorsement deals.
That may have been a smart move for the current New York Giants, who are running back depending on when or if he cashed out bitcoin.
As with any market, those who stay invested for the long term may not have quite as much concern as those who trigger their investments quickly. Bitcoin peaked at $68,789.63 in November and is just under $20,000 today. But whether Barkley is still all-in on bitcoin or whether he cashed out while the bitcoin market was shot like before is unknown and unconfirmed.
If Barkley still has all $10 million in support compensation invested in Bitcoin, the current value is about $6.6 million.
I don't want to hear another word on Trevor Lawrence's decision making versus Tua when things like this are out there (via Coinjournal[dot]net). pic.twitter.com/VKJ9Ycyy6F
— David Furones (@DavidFurones_) June 21, 2022
So it's impossible to know how much Barkley risked with his crypto jump. Over the long term, it's possible things could go well for Barkley, but markets as a whole need to turn things around for that to be the case.
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