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#pounditTuesday, October 19, 2021

Shaq explains why he is wary of cryptocurrency

Shaquille O'Neal

Despite the growing tidal wave of pro sports figures who are getting into cryptocurrency, Shaquille O’Neal does not plan to be one of them just yet.

The retired NBA legend explained to CNBC in a recent interview why he is personally wary of investing in cryptocurrency.

“I don’t understand it,” said O’Neal. “So I will probably stay away from it until I get a full understanding of what it is.

“Every time somebody tells me one of those great [cryptocurrency success] stories, I like it,” the four-time NBA champion added. “But from my experience, it is too good to be true.”

Cryptocurrency and NFTs (non-fungible tokens) have recently exploded in popularity with the sports world. In the NBA in particular, both teams as well as individual players have begun embracing them.

As for O’Neal, he is known for the savvy investments that he has made since retiring from the NBA in 2011. O’Neal owns several restaurants (including Five Guys, Auntie Anne’s and Papa John’s franchises) as well a number of gyms and car washes. He is also involved with e-sports organizations and even used to be a minority owner for the Sacramento Kings. It sounds like O’Neal is willing to stick with more traditional investments like those over cryptocurrency, at least for now.

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