Charles Barkley Doesn't Believe In Crypto, Here's Why!

Charles Barkley, doesn't believe in volatile cryptocurrency investments. (photo credit: nba.com)

JAKARTA – Many professional athletes have taken advantage of cryptocurrencies. From Tom Brady to Saquon Barkley in recent months. But for NBA legend Charles Barkley, it didn't interest him.

“My people don't believe in crypto,” Barkley told CNBC Make It. “I have several financial advisors. One of them said, 'If I get you into crypto, you have to fire me on the spot.'”

"And listen, I know that [crypto] is everywhere, to be honest with you, but my people don't believe [it]," he said.

While Barkley didn't go into detail as to why his advisors are against crypto, many experts warn cryptocurrencies are unstable and recommend that people only invest money they can afford to lose.

For example, since mid-April, bitcoin, the largest cryptocurrency by market cap, has gone from around $63,000 to down around $39,000 as of Monday morning, according to Coindesk.

However, many athletes and investors are optimistic about the future of digital currencies.

In May, seven-time Super Bowl champion Tom Brady told Coindesk he is a “strong believer” in crypto but would not reveal specific details about which crypto assets he invests in.

Meanwhile New York Giants star Saquon Barkley announced plans to convert all of his revenue from marketing deals and endorsements for bitcoin.

Charles Barkley, 58, who earned more than $40 million over his 13-year NBA career also said the biggest money lesson he's learned over the years is, "learn to say, no." "And don't feel bad about it," he said.

This former Alabama native says when you become famous and start making money. “People ask you for money every day of your life. Every day," says Barkley. "So it's really important to say, "no," even when it's to family and friends."

Otherwise, you will go bankrupt and it will ruin all your relationships, Barkley told American Century Investments in 2016. Barkley ran into some trouble in 2019 after losing millions of dollars to his longtime friend and business partner, Donald Watkins, in an investment scam.

On investment tips, Barkley, who guest starred on ABC's "Shark Tank" and invested in start-ups like Zorpads and SubSafe, said filming was for "singles and doubles."

"If you're lucky and get a triple or home run, that's great. But you're really just trying to put up singles and doubles," said Barkley.