The downfall of major cryptocurrency exchanges has led to some major financial problems in the US. Since March 10, two banks, Silicon Valley Bank (SVB) and Signature Bank, have collapsed. This has reportedly been the biggest banking failure since the 2008 housing crisis, triggering concerns among US citizens. During a recent street interview, NBA legend Charles Barkley had a harsh reality check for Americans about the whole ordeal.

President Joe Biden has addressed the issue and assured that everybody’s money is safe. However, that has hardly alleviated concerns among the masses. The Philadelphia 76ers legend was recently asked about the banks collapsing in the country. Like always, the 1993 NBA MVP had a very blunt response, which might upset investors.

Charles Barkley provides harsh reality check for investors amid banking collapse

Charles Barkley recently spared a few minutes of his time for a short interview with the Adam’s Apple channel on YouTube. During the QA session, Barkley answered several questions about joining CNN, March Madness, LIV Golf, etc.

In one instance, the interviewer asked Barkley about the banking situation in the country, whether he would consider putting his money in American banks if he wanted to invest some money. The former Suns star had a very oblique answer to the question that might worry people who have a lot of money in their bank accounts.

Barkley said, “Well, you should never put a lot of money in the banks. That’s just stupid. If you got a good financial advisor, you should never put a lot of money in the bank.”

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“The bank just use your money. You should use your own money. You should never keep a lot of money in the bank,” he added.

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Looks simple enough. However, ordinary people have some reassurance amidst growing concerns as the US government has safeguarded deposits of up to $250,000.

Barkley’s fortune

Charles Barkley was one of the best players during his time in the NBA. However, he did not make the mind-boggling amounts of money current players make. Also, he took some pay cuts during his career in an attempt to win a title. He also lost some money in gambling. Despite all this, Barkley now has an estimated net worth of $60 million.

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Even though he did not earn a lot compared to other superstars in NBA salary and endorsements, Barkley found his niche in TV. The 11-time NBA All-Star is one of the most loved basketball analysts. He recently signed a ten-year contract extension with TNT for an undisclosed fee. Furthermore, if he joins CNN, he is bound to add more to his wealth.