Richard Sherman, a Seattle Seahawks’ cornerback and four-time Pro Bowler, accepted Bitcoin as payment for his official merchandise back in 2014. Sherman touts Bitcoin as “the currency of the future”. Besides Sherman, professional athletes in the National Football League similarly want to take part in the cryptocurrency action. But Sherman is currently leading the pack. According to the Pro Bowler, cryptocurrencies are being touted by numerous players since Bitcoin’s value went up to as high as $19,000. He emphasized, “It has been common conversation for a lot of us.”
Sherman is currently tending to an Achilles tendon injury he got after a game against the Arizona Cardinals. He is using his time off the field to learn more about the cryptocurrency market. He has invested in Litecoin (LTC), Bitcoin (BTC), Ethereum, and Cobinhood (COB) – a zero-free cryptocurrency exchange.
In his interview with CNBC, Sherman confessed that most players have little knowledge of how to handle finances. He explained, “None of us really grew up with … financial literacy.” He added, “A lot of [players] have been taken advantage of by financial advisers.”
According to information from the National Bureau of Economic Research, one in six NFL players file for bankruptcy within 12 years after leaving the sport. An average player can earn more than $3 million dollars in his career.
Sherman believes that cryptocurrencies is a possible investment opportunity NFL players can engage in. He also warns that, as with any financial market, it does come with risk. He explained, “There are a ton of different coins.” An average investor could feel overwhelmed at the quantity of cryptocurrencies to choose from. But Sherman is more than willing to share his knowledge with colleagues and teammates. He advised, “You read up, you hear great things about some [coins], you hear terrible things about others, they fluctuate throughout the day. It is such an unpredictable market.”
Still, Sherman is keen to assist NFL players diversify their portfolios and shield their wealth from going bankrupt. He is also optimistic about the financial future of NFL players specifically on their self-directed effort to learn where their money is going. He explained, “A lot of them have just been trying their best to become more educated on not only cryptocurrencies, but just stocks and trading in general […] So people in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going.”