Spencer Dinwiddie Leads A New Team Of NBA Crypto Investors As An Early Bitcoin Buyer
Back in 2017, Spencer Dinwiddie purchased Bitcoin (BTC) when it was traded between $3,000 and $4,000 dollars. However, he regrets he did not purchase more BTC at that time. Later in December 2017, Bitcoin skyrocketed up to $20,000 dollars.
Dinwiddie has been always obsessed about his investments in virtual currencies, explains Leo Sepkowitz, writing for Bleacher Report. Before NBA games, when all the team players were getting prepared for the next game, he was checking Coinbase at all times.
Trevor Booker, for example, who played with Dinwiddie during the last two seasons in Brooklyn said that he got tired of hearing him talking about virtual currencies.
Dinwiddie was very excited about the price fluctuation of Bitcoin. If price grew, he was more relaxed, he said.
Dinwiddie explains that he used different trading tools such as sell stop in order to trade when he had games or practices.
“If I knew I was going to make a trade and it would intersect with practice, I would set a super-strict sell stop,”
Bitcoin at that moment was still an enigma for most investors and in the NBA. And even Dinwiddie considered as a booming stock such as any other. He has also tried to convince Booker, that runs his own venture capital firm to start investing in Bitcoin.
There are several NBA players that became businessmen, including LeBron James, Kevin Durant, and Andre Iguodala. But they have never invested in virtual currencies as Dinwiddie did.
However, Dinwiddie came from a very educated family. His father has always pushed him in order to plan his life outside basketball. And indeed, he did it embracing Bitcoin. He had the chance to do it in 2014 when he was starting his career when a friend told him about this virtual currency. But instead, he moved to the real estate market with his father.
After two years playing in Detroit, Dinwiddie moved to Chicago, and there he bought another home. And indeed, he is now renting both properties he has.
In 2017, he decided to try Coinbase and start investing in virtual currencies. By the end of December, he had more than tripled his investment when Bitcoin crossed $15,000 dollars.
Interestingly, he has also decided to invest in a virtual currency known as Tron (TRX). He entered the market in December when Bitcoin was skyrocketing. Weeks later, Tron skyrocketed as well. At the same time, he was also registering his best moment in his basketball career.
Dinwiddie was able to match James harden with 103 clutch-time points. And by the end of the season, he finished third in Most Improved Player voting.
When Bitcoin was close to $20,000 dollars he decided to cash out his initial investment and the same did with Tron when it multiplied by six in just a few weeks. Dinwiddie says that he sold around $15,000 per coin. Since that moment, Bitcoin lost around 65% percent of its price and other altcoins fell more than 90%.
There are also other players investing in cryptocurrencies. Wilson Chandler of the 76ers said that he started to learn about Bitcoin and other virtual currencies after making some research.
“I day traded a few of the coins, got my feet wet. I was using Coinbase like everyone, then using different, bigger platforms so I could do more trading,”
However, Chandler has less pressure compared to Dinwiddie, since he earns over $12.8 million dollars a year.
Dinwiddie believes that virtual currencies are here to stay and that they will grow in the future, adding that blockchain is linked to transparency.
In the industry, the Sacramento Kings became the first NBA team accepting Bitcoin for tickets. At the same time, they have also installed cryptocurrency mining hardware in their arena.
Nonetheless, he says that he would not accept his salary to be paid in virtual currencies. At the moment, cryptocurrencies are not being embraced all over the world and he would have to exchange his BTC for dollars if he wants to purchase something, meaning that he would have to pay gains taxes on it.