After Signing $31M Rookie Deal, Saquon Barkley Later Converted $10M of His Endorsement Money Into Bitcoins

Penn State alum Saquon Barkley, who was drafted by the Giants in 2018, signed a whopping $31 million deal in his rookie year. However, the second overall pick made the headlines three years later for a completely different reason, as news got out that he decided to convert his annual endorsement money, which amounts to a substantial $10 million, into Bitcoin. So, was it a good decision?

Saquon Barkley, following in the footsteps of several other athletes who saw the potential of Bitcoin, made the surprising move in 2021. As per CNBC, at the time of his decision, Bitcoin was worth over $60k, which fueled Barkley’s optimism about the potential returns on his investment and creating generational wealth.

However, as the crypto market experienced a continuous decline, it appears that Barkley’s decision might not have resulted in the expected gains. As of the time of writing, Bitcoin’s value has plummeted to $30.20k, resulting in almost half of Barkley’s initial investment being wiped out, which is close to $5 million, assuming he hasn’t sold his Bitcoins yet.

Notably, recent events, including the FTX debacle and the overall market volatility, have left athletes more skeptical about the crypto space. The wild price swings and the lack of regulatory oversight in the cryptocurrency market have raised caution flags for many, prompting them to reconsider their investment strategies.

While there is no certainty about whether Saquon Barkley lost his money or not, what we do know is that NFL GOAT Tom Brady suffered a substantial loss in the aftermath of the FTX debacle.

Tom Brady’s Costly Encounter with FTX

Tom Brady, widely regarded as the NFL’s Greatest of All Time, suffered a significant financial hit due to the FTX fallout. With a net worth of $270-300 million, Brady lost a staggering $30 million after the exchange platform declared bankruptcy amidst allegations of embezzlement and misuse of customer funds.

As reported by Dov Klieman, his ex-wife, Gisele Bundchen, also experienced an $18 million loss in her net worth as a result of the fallout. FTX, which faced a $32 billion market wipeout, proved to be a disastrous investment for Tom Brady, who had invested heavily in the crypto giant and received stock options in return. Unfortunately, those stocks now hold little to no value.

As athletes continue to seek innovative ways to build generational wealth, they are now more discerning about where they put their hard-earned money, recognizing the importance of balancing potential rewards with prudent financial decision-making.