Steph Curry NBA Bitcoin Golden State Warriors Klay Thompson | NBA | sport

By | November 15, 2022

Bitcoin and different cryptocurrencies should be the best way of the long run, nevertheless it has definitely harm some NBA stars lately. Steph Curry is the most recent basketball participant to lose tens of millions available in the market, after Golden State Warriors stars Klay Thompson and Andre Iguodala did the identical.

Thousands and thousands have been misplaced in salaries and investments by Curry, Thompson and Iguodala after religion in cryptocurrency turned in opposition to him.

Cryptocurrency has change into an enormous web phenomenon after Bitcoin’s preliminary success, with individuals attempting to catch the subsequent pattern earlier than it takes off. Nonetheless, the market has crashed considerably currently with the skyrocketing price of dwelling, and as issues proceed to plateau post-pandemic.

And sadly for 3 NBA stars, it hit them laborious, as Thompson and Iguodala agreed to obtain a part of their salaries in Bitcoin. Curry was additionally hit laborious after turning into an investor for FTX, a crashing overseas alternate market.

READ MORE: Miami Warmth will get stadium naming rights supply from seedy grownup web site

In January, Thompson and Iguodala introduced that they’d take a part of their salaries in Bitcoin. On the time, the cryptocurrency was value between $35,000 (£29,500) and $43,000 (£36,100).

Nonetheless, it has since fallen to $16,500 (£13,850) and consultants say it’s set to plummet even additional. Though it’s unclear how a lot of their wage was Bitcoin, the truth that it misplaced greater than 50% in worth means a heavy loss.

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Thompson has been assured a sum of $37,980,720 (£31,929,250) for 2021-22 however could have misplaced tens of millions because the market crashed. Iguodala’s assured determine was a extra modest $2,641,691 (£2,221,000), however it should nonetheless be a blow.

Fortunately, the Warriors received the NBA championship to assist climate Bitcoin’s collapse, however Curry additionally misplaced differently. Relatively than investing in a selected cryptocurrency, Curry determined to put money into the FTX alternate as an alternative.

At its peak in 2019, FTX was the third largest crypto by quantity, however has since crashed. Shaquille O’Neal was additionally an FTX promoter, with the NBA legend recognized for his sensible investments. However possibly simply having to cope with this one being a nasty resolution.

Nevertheless it’s not simply Warriors gamers who’re being affected, because the Miami Warmth franchise additionally seems to have taken successful. The Warmth bought the naming rights to their stadium to FTX, however that long-term partnership seems to have come to an finish a lot ahead of initially deliberate.