Why Shaquille O’Neal Doesn’t Invest in Bitcoin and other Cryptos

Shaquille O'Neal
Shaquille O'Neal

The NBA legend Shaquille O’Neal has reportedly collected a thrilling $400 million during his Basketball career which ended in 2011. However, like other sportspeople who invested in cryptocurrency, O’Neal might have a different opinion about it.

When asked about why he didn’t invest in Bitcoin or any other cryptocurrency “I don’t understand it,” O’Neal told CNBC Make It. “So I will probably stay away from it until I get a full understanding of what it is.”

Nonetheless, the former Los Angeles Lakers superstar said that he doesn’t blame others who invested in the digital currency. O’Neal’s comments came amid the large interest of athletes in Bitcoin such as the seven-time Super Bowl champion Tom Brady and the New York Giants running back Stephen Curry.

Signup for the USA Herald exclusive Newsletter

O’Neal, however, said that he has seen the overnight success stories of Bitcoin investors “Every time somebody tells me one of those great stories. I like it. But from my experience, it is too good to be true,” he says.

O’Neal got approached by several crypto companies

The Basketball champion told Front Office Sports in July that several crypto companies approached him for cooperation and promotional works: “I always get these companies that say, ‘Hey, we’ll give you $900,000 in crypto to send out a tweet.’ So I have to say, ‘OK, if you’re going to give me a million dollars worth of crypto, then why do you need me?’”

The 15-time All-Star also said a couple of his friends “got caught up in a little scam like that one time,” turning him off to the concept.

Meanwhile, Charles Barkley who is a Basketball Hall of Famer shares the same point of view with O’Neal he said: “do not believe in crypto.”

“I got a couple of financial guys. One of them said, ‘If I ever put you in crypto, you should fire me on the spot,’” Barkley added.

O’Neal says his investing style is simple: He invests only in assets that he believes can change people’s lives. “I heard Jeff Bezos say one time [that] he makes his investments based on if it’s going to change people’s lives,” O’Neal told The Wall Street Journal in 2019. “Once I started doing that strategy, I think I probably quadrupled what I’m worth.”