With Bitcoin Soaring to $88,000, Meet the NBA Stars Banking on Crypto Contracts & Investment

The “Trump Trade” has taken over the cryptocurrency world, as prices soar to a new high! Bitcoin, the most popular digital currency, has passed $88,000 for the first time since its inception. Experts cite various reasons for the sudden peak, but the common trend is that Wall Street continues to rally after Donald Trump’s presidential victory, according to the NY Times. Now that we know the rising trend in the digital currency market, let’s look at some of the NBA players who would cash in on this trend.
Around the late 2010s, the digital currency came in for public display. While everyone was skeptical about their chances with the new-age currency, some NBA stars confidently endorsed it. Some even brought in innovative strategies to expand their wealth. Without further ado, let’s get right into the list.
1. Spencer Dinwiddie
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The Dallas Mavericks guard can even be called the pioneer in blockchain among NBA players just for their innovation. Spencer Dinwiddie made a fan more invested in a player than any other sports star in the league. In late 2019, the guard made the headlines when he decided to tokenize his $34 million 3-year contract with the Brooklyn Nets and allow the public to invest in it. Even though the league opposed it in the beginning, after the long battle with Dinwiddie’s legal team, it allowed the star to engage with the digital tokens.
So, it’s basically like treasury or corporate bonds where a person invests in Dinwiddie’s contract and receives their principal back in portions on a monthly basis along with interests. Meanwhile, the guard would receive the investor’s fund upfront. Speaking of this, the baller said it’s an opportunity to give “qualified investors” a chance to invest “in the first-ever security represented by a Professional Athlete Investment Token (PAInT).” Notably, back in 2019, the minimum amount allowed to invest was $150,000 and these funds should be paid to cryptocurrency. We wonder what the value of the digital token is right now!
2. Kevin Durant
In the lineup of star players who predicted the rise of the alternate currency, Kevin Durant also finds a place. In fact, the Phoenix Suns forward came into the business much earlier than anyone else. Back in 2017, pretty early for people to invest in millions for a currency without a physical state, KD along with his business partner, Rich Kleiman, invested in Coinbase, a cryptocurrency platform.
via Imago Oct 28, 2024; Phoenix, Arizona, USA; Phoenix Suns forward Kevin Durant (35) against the Los Angeles Lakers at Footprint Center. Mandatory Credit: Mark J. Rebilas-Imagn Images
Technically, Durant didn’t invest in the blockchain as far as the information available on the internet, but his company Boardroom invested in a company that would facilitate the buying and selling of the e-coin. Speaking of his decision, the superstar said, “Being an early investor in a company you’re excited about is always an amazing feeling…Being able to come back a few years later and create an even more in-depth partnership is rare, and we’re fortunate to be building further with Coinbase.” It’s quite mind-blowing to wrap our head to imagine the valuation of a company which was $86 billion in 2021.
3. Cade Cunningham
The Detroit Pistons‘ gifted guard Cade Cunningham came into the league in 2021 and the first thing he did was receive his joining bonus in Bitcoin. The then-rookie didn’t just stop at that. He tried to create awareness among the public regarding the benefits of cryptocurrency. In a statement after he signed the deal, Cunningham said, “Many hardworking people still don’t have access to cost-efficient, reliable options to save and invest… their ease of use, democratic and consensus underpinnings, and ability to evolve over time.”
However, he came under public scrutiny in 2022 when the cryptocurrency market became volatile. Notably, FTX filed bankruptcy and Crypto.com laid off nearly half of their employees. However, two years later, the situation took a turn as the value of the digital currency is at an all-time high.
4. Klay Thompson and Andre Iguodala
Here we have mentioned two former Golden State Warriors players in one go because they made a decision together. Back in 2022, the same year when Klay Thompson returned to the NBA floor after two seasons, two dubs stars, Klay and Andre Iguodala signed a deal to receive a part of their salary in Bitcoin. While making this announcement, China Klay took to his X handle and wrote, “I’m with Bitcoin because I believe it’s the future of money.”
USA Today via Reuters May 1, 2018; Oakland, CA, USA; Golden State Warriors guard Klay Thompson (11) celebrates with forward Andre Iguodala (9) against the New Orleans Pelicans during the fourth quarter in game two of the second round of the 2018 NBA Playoffs at Oracle Arena. The Warriors defeated the Pelicans 121-116. Mandatory Credit: Kyle Terada-USA TODAY Sports
On the other hand, Iguodala wrote, “I’m taking part of my salary in BITCOIN w. Cash App! Bitcoin is the future, Klay Thompson and I are both believers.” There isn’t any clarity on the value of Bitcoin when they bought it, if they still held it, it’s worth $88,000 per dime.
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5. Tyrese Haliburton
The Indiana Pacers‘ rising superstar is another NBA player who also strongly endorsed the digital currency. Moreover, the star revealed his plans to receive his salary in Bitcoins a few months ago. We aren’t sure whether he has executed his plans. Currently, he is in the first year of his whooping 5-year deal worth $244 million.
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Speaking in an interview with CoinDesk, Tyrese Haliburton said, “In the NBA, the presence of crypto is definitely growing, especially with the partnership now between Coinbase and the NBA, just the brand being there I think that’s caused more conversations to come about as of late… It’s not just the players. It’s coaches, security staff, it’s talked out throughout everybody”
So, this statement is proof that it’s not just the players mentioned above who have associated themselves with Crypto but also many others including coaches and staff. What do you make of the NBA’s involvement in digital currency, let us know in the commenst below.