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 are doing. Amid a recent downward trend in the crypto market, much like the more traditional markets, it has been easy to suggest athletes who decided to take endorsement money strictly through crypto may have reason to second-guess their financial decisions.
Among the professional athletes who took a plunge into crypto is former Penn State running back Saquon Barkley. Barkley announced last July he would be taking all future endorsement compensation exclusively through Bitcoin. Barkley has marketing deals in place with Nike and Pepsi, just to name two big ones aligning with Barkley, and it has been reported Barkley earns more than $10 million per year in endorsement deals.
Here is @saquon announcing that he will be taking 100% of his endorsement money in bitcoin moving forward.
— Pomp 🌪 (@APompliano) July 14, 2021
That may or may not have been a wise move for the current New York Giants running back depending on when or if he cashed out on Bitcoin.
As with any market, those who stay invested for the long haul may not have quite as large a concern as those who are quick to pull a trigger on their investments. Bitcoin hit its peak at $68,789.63 in November and is currently sitting just under $20,000 today. But whether Barkley is still all in on Bitcoin or if he cashed out while the Bitcoin market was shot as it has been is unknown and unconfirmed.
If Barkley still has all $10 million in endorsement compensation invested in Bitcoin, the current value is roughly $6.6 million.
I don’t want to hear another word about Trevor Lawrence’s decision-making compared to Tua when stuff like this is out there (via Coinjournal[dot]net). pic.twitter.com/VKJ9Ycyy6F
— David Furones (@DavidFurones_) June 21, 2022
So it is impossible to know just how much Barkley may have risked with his crypto plunge. In the long run, it’s possible everything will work out great for Barkley, but the markets overall will have to turn things around for that to be the case.
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