“My people do not believe in crypto,” Barkley tells CNBC Make It. “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.'”
“And listen, I know that [crypto] is all over the place, to be honest with you, but my people don’t believe in [it],” he says.
Though Barkley did not elaborate on why his advisors are against crypto, many experts warn cryptocurrencies are volatile and recommend that people only invest money they can afford to lose. For example, since mid-April, bitcoin, the largest cryptocurrency by market cap, went from a high of around $63,000 to around $39,000 as of Monday morning, according to Coindesk.
Still, many athletes and investors are bullish on the future of digital currencies.
In May, seven-time Super Bowl champion Tom Brady told Coindesk that he is “a big believer” in crypto but would not disclose specific details about which crypto assets he’s invested in. While New York Giants star Saquon Barkley announced plans to convert all of his income from marketing deals and endorsements to bitcoin.