Friday, 06 December 2019

Nets' Spencer Dinwiddie cannot get enough of bitcoin

Spencer Dinwiddie is making bank, and not just from playing in the NBA.

Like most players in the league, Dinwiddie has a taste for the business world, but instead of the entreprenurial spirit that LeBron James and Carmelo Anthony have, Dinwiddie's interest lies in cryptocurrency, according to Bleacher Report.

The 25-year-old Nets guard began investing in bitcoin after the 2016-17 season as its stock began to skyrocket, finding a new passion outside of basketball.

Dinwiddie is obsessed with cryptocurrency, spending most of his time on his phone before games checking his Coinbase app, which tracks his crypto investments.

He also talks his teammates ears off about it.

Nets center Jarrett Allen mentioned in a Reddit AMA on Monday that the two talk regularly about bitcoin while ex-Nets teammate Trevor Booker said that it was exhausting listening to Dinwiddie go on about it.

"I honestly got tired of hearing him talk about it," Booker told Bleacher Report. "He would let me know how it was performing every day."

But Dinwiddie is jumping on a trend that the NBA has been embracing of late.

Sixers forward Wilson Chandler and Bucks forward Pat Connaughton are also among those players investing in cryptocurrency while the Sacramento Kings began accepting bitcoin as payment for tickets in 2014. The Dallas Mavericks attempted to do that four years ago and will try again this season.

Dinwiddie's reason for getting into bitcoin is particularly interesting, though.

The point guard was not sure how much of a future he would have in the NBA as a second-round pick who had torn his ACL in college and was traded by the Pistons after his second season to the Bulls, who waived him twice.

A friend told him in 2014 to look into bitcoin, but Dinwiddie balked, not knowing much about it and the stories of athletes going broke in the back of his mind. Instead, he got into real estate at the advice of his father, a real estate agent.

As bitcoin's stock began to climb in 2017 Dinwiddie, who was making close to the league minimum last season, decided to get in and saw bitcoin's stock rise from $5,000 at the start of the NBA season to $15,000 by December.

He began buying into other cryptocurrencies, too, such as Tron, which also spiked.

Dinwiddie sold bitcoin at $15,000 per coin but continues to research the crypto market, which is how he mostly spends his down time on road trips.

"When you realize you don't have the answers, you decide you need to learn," Dinwiddie says. "That's how I chose to feed my mind the last year-and-a-half."

While some doubts remain about the future of the crypto market, Dinwiddie is a believer. He still has a chunk of money invested in crypto and his business acumen extends beyond the crypto market.

He is also debuting a signature shoe, K8IROS, but instead of taking a salary from Nike he negotiated to receive 50 percent of his sneaker's profits, should he be able to successfully leverage his paltform to net any profit.

"Why would I take $25,000 from Nike, which is $14,000 after taxes?" he told Bleacher Report. "If you're smart with what you do contract-wise, why wouldn't you try to make more?"

Dinwiddie, who averaged 12.6 points and 6.6 points per game last season, is also eligible for a contract extension 30 games into this season.

You can probably expect him to be a shrewd negotiator when it comes to that, too.

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