The National Basketball League’s Spencer Dinwiddie says he regrets not holding on to his bitcoins in 2017, allowing him to benefit from the end of year price hike.
The Brooklyn Nets guard, who narrowly missed out on the Most Improved Player award in the NBA last season to Victor Oladipo, was in quite early on Bitcoin’s bull run last year. Dinwiddie bought in at $1,200 a coin with a Coinbase account, but then sold early at $5000 to $15,000 before Bitcoin went north, finally hitting the wall at just under $20,000 at the end of 2017.
Dinwiddie discovered Bitcoin as an NBA rookie and was pulled towards investment portfolios to take up the slack. Clearly not earning the huge salaries of seasoned well-established players, he saw Bitcoin as a great investment opportunity. He initially took family advice, at first investing in real estate, before cryptocurrency lured him in, first to Bitcoin, then to altcoins such as Tron.
His early sell-off has left him feeling short-changed, although if he sold at $15,000 he was not far behind Bitcoin’s big numbers at the end of last year. However, he still regrets selling early, claiming “If I woulda gone all-in, boy, I’d be loaded right now.”
Cryptocurrency endorsements by sporting celebrities and clubs are not uncommon, and basketball is no exception as many see this as the next step to investment. Next year, Bitmain Technologies-owned bitcoin mining company AntPool enters a sponsorship deal with the Houston Rockets, in time for the 2018-19 season. Add to this the Sacramento Kings sign up to the MiningForGood initiative which will see the team mining Ethereum in an arena-based centre. What is refreshing to see is that the cryptocurrency generated funds will go towards the Build Black Coalition which plans to help the Sacramento community’s black residents profit from education and workforce development.
Businessman and investor Mark Cuban, owner of the Dallas Mavericks, has already introduced cryptocurrency ticket purchasing in the NBA. He feels this needs to become the norm and was happy to make the first move, commenting:
“If crypto is going to have a chance of being a currency, then someone has to start accepting it for payment.”
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