Shaquille O’Neal is an iconic player of the 1990s and 2000s in the NBA. He remains one of the most dominant pivots in history. Off the court, Shaquille O’Neal has also proven to be very clever as he has managed to amass no less than $400 million since 2011 and his retirement from the NBA.
He is therefore a wise investor who never turns down a good opportunity to make his capital grow.
With such a profile, you might think that Shaquille O’Neal has long since seized the opportunity represented by Bitcoin, or even cryptocurrencies. Yet Shaquille O’Neal explains that he prefers to stay away from this new world.
While Shaquille O’Neal does not criticize other American sports stars, such as Tom Brady or even Stephen Curry, who have already chosen to embrace this new world, he explains what motivates him not to buy Bitcoin or cryptocurrencies:
“I don’t understand it. So I will probably stay away from it until I get a full understanding of what it is.”
What makes Shaquille O’Neal so suspicious is reading all the overnight success stories that abound in the cryptocurrency world. For him, it’s a signal that something is wrong:
“Every time somebody tells me one of those great stories, I like it. But from my experience, it is too good to be true.”
In an interview given to Front Office Sports in July 2021, Shaquille O’Neal had explained that he was often approached by companies in the cryptocurrency world for potential partnership deals. This doesn’t make Shaquille O’Neal any more reassured, as he takes the following stance:
“I always get these companies that say, ‘Hey, we’ll give you $900,000 in crypto to send out a tweet.’ So I have to say, ‘OK, if you’re going to give me a million dollars worth of crypto, then why do you need me?’”
Besides, Shaquille O’Neal has seen several of his friends fall into scams over the past few years. Scams are common in the cryptocurrency world.
However, scams also exist in the world of startups. This doesn’t stop Shaquille O’Neal from investing money in them, putting forward this leitmotif that he borrowed from Jeff Bezos:
“I invest only in assets that I believe can change people’s lives.”
Shaquille O’Neal’s attitude may seem respectable on two levels. First of all, he prefers not to sacrifice his credibility by promoting scams for money. This is to his credit, while many American personalities fall into this easy way.
Secondly, Shaquille O’Neal chooses to only invest in areas that he understands and that can change people’s lives for the better. Again, this is a good thing.
However, there is a limit to this approach that Shaquille O’Neal is hitting and it is turning into a huge mistake. Not investing in what you don’t understand is a smart rule as long as you do your best to constantly deepen your knowledge in the new technologies that emerge.
If you are not able to evolve along with the world you live in, you will end up out of date.
Bitcoin is a monetary revolution that is already changing the lives of millions of people for the better around the world. Bitcoin is a plan A for millions of people in Africa and South America. El Salvador has even just made it an official currency to change its fate which was more than bleak within the current monetary and financial system.
To understand this, you must avoid making the mistake of Shaquille O’Neal and many other investors: don’t rest on your laurels.
Take the time to read the Bitcoin white paper. A 3,219-word document that forever changed my view of money and the economy. Once you’ve made the effort, seek to understand the why of Bitcoin, but more importantly, what Bitcoin is already doing for millions of people in Africa, South America, and the Middle East.
If Shaquille O’Neal had made that effort rather than the misconceptions about Bitcoin that are constantly being peddled by the powerful in the current system, he would have already changed his opinion as Ray Dalio recently did. A former opponent of Bitcoin, Ray Dalio finally decided to buy a small amount, just in case.
Of course, given his wealth, Shaquille O’Neal can largely afford to miss the Bitcoin opportunity. Unfortunately, this is not the case for you if you are like me. We are looking at an asset that will allow for an incredible generational wealth transfer. It would be foolish not to take advantage of it when we are only at the beginning of this revolution.