“Crypto Volatility Is a Problem”: NBA World Erupts as Concerning News Emerges on Former #1 Draft Pick
Follow Us
The boom of the crypto market made its way into the NBA world as well. From sponsorships to advertisements, and from investments to NFTs, the league found ways to cash in on the new and upcoming market of cryptocurrency. In light of the recent crisis in the market, many platforms have been compelled to be held accountable. And a few NBA players are facing the brunt of it as well.
Cryptocurrency platform BlockFi has had a multi-year sponsorship deal since 2021 with the former #1 draft pick, Cade Cunningham. Reports claimed that 100% of his signing bonus’ would come from BlockFi in the form of Bitcoin tokens. The company intended to use the Detroit Pistons‘ Cunningham’s position to leverage educational and promotional videos regarding crypto.
ADVERTISEMENT
Article continues below this ad
Last year at this announcement, Zac Prince who is the CEO and co-founder of Block-Fi, praised Cade Cunningham for his collaboration. He said, “BlockFi will support him every step of the way.”
Notably, BlockFi is preparing to file for bankruptcy this year. Fans erupted on social media, connecting that the NBA player may have some problems. They stated that “crypto volatility is a problem”. Others were curious about how sizeable was his signing bonus.
Just talked about this in AP Econ!!! Crypto volatility is a problem!! https://t.co/r0cAQpLYJ2
— Brian James Mangol (@MangolsHistory) November 16, 2022
how high was his signing bonus?
— M Kay (@Kuba2Kubald) November 15, 2022
He probably cashed that out as soon as he could.
— MI Livin’ (@livin_mi) November 15, 2022
guys its his BLOCKFI signing bonus, not his NBA contract signing bonus.
— John Z (@johnz00121) November 15, 2022
— TodayInSports (@TodayInSportsCo) November 16, 2022
They had initially denied that they had assets at FTX. However, they acknowledged that they indeed have “significant exposure to FTX and associated corporate entities”. The crypto platform has now restricted activity on the platform, justifying the market’s volatility.
Several NBA players had invested in crypto
Klay Thompson from the Golden State Warriors decided to get a partial salary in Bitcoin tokens. His teammate, Andre Iguodala, partnered up with Thompson and Jack Dorsey’s Cash App to convert the same. Thompson said that he believed that his collaboration was because “it’s the future of money”.
ADVERTISEMENT
Article continues below this ad
New Orleans Pelicans star CJ McCollum’s interest in the crypto world led to a partnership with StormX. McCollum also wanted to help “bring crypto to the mainstream”.
Trending
Draymond Green’s Eyes Reveal Warriors’ Tricks Admits LeBron James, 7 Days After Best Friends Stood at Odds
March 27, 2024 02:02 PM EDT
“Her Crown Is Heavy”: Lisa Bluder Unloads the Harsh Side of “Generational Player” Caitlin Clark’s Success After Iowa Hawkeyes Win
March 26, 2024 07:24 AM EDT
Damian Lillard Calls Out Caitlin Clark’s Iowa’s Unfair Advantage Over West Virginia: March Madness
March 26, 2024 04:30 AM EDT
Stephen Curry Angry Outburst After Sobbing On-Court Leaves NBA World in Disbelief: “Draymond Really Broke This Man”
March 28, 2024 03:24 AM EDT
“Tired Of This Bullshit”: Inconsolable Stephen Curry Had Fans Shocked After Draymond Green’s Ejection vs Orlando Magic
March 28, 2024 02:26 AM EDT
Get instantly notified of the hottest NBA stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
NBA greats Stephen Curry and LeBron James have joined FTX and Crypto.com respectively. Curry received equity stakes while LeBron was part of an awareness program that taught children about blockchain technology.
Many more NBA players are invested or interested in the NFT world as well. It will be interesting to see if that number now decreases following the latest developments involving cryptocurrency.
ADVERTISEMENT
Article continues below this ad
Watch This Story: Recapping Through the Top 10 Picks of the 2021 NBA Draft Featuring Cade Cunningham
Do you think the collaboration between crypto companies and NBA players will reduce? Let us know what you think in the comments below.
Edited by:
Veer Badani