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Ex-NBA star Jalen Rose explains why he hasn’t invested in cryptocurrency

Despite making over $ 100 million during his 13-year NBA career, Jalen Rose doesn’t like making risky financial moves.

Like, for example, investing in cryptocurrency. “When I first heard about crypto, it was a summary,” Rose told CNBC Make It. It is “something that I cannot touch and feel in a tangible way”.

That’s a problem for Rose, a college basketball star at the University of Michigan in the 1990s who grew up with a single mother in a tough Detroit neighborhood. “My first introduction to money was cash and real estate,” he says. “That’s kind of how I like to move.”

But the 48-year-old ESPN and New York Post writer, host and TV personality has said he’s not opposed to investing in cryptocurrency in the future. He just needs to know more about it – a common point of view among non-crypto investors.

In May, the Motley Fool published a study citing the “lack of understanding” as one of the biggest barriers to crypto for American adults. Almost one in four respondents said they did not understand how cryptocurrency worked, and 20% did not know how to buy it.

Another obstacle is the lack of real uses for cryptocurrency. In the Motley Fool survey, 29% of respondents who don’t own crypto said that even if they bought it, they wouldn’t know what to do with it.

Some retailers, like Microsoft and Expedia, accept bitcoin for payment – but as billionaire Ray Dalio told CNBC Make It in August, cryptocurrencies currently look more like stores of wealth than anything else. thing.

“[B]itcoin is something like digital gold, ”said Dalio.

Other former NBA players share Rose’s mindset. Basketball Hall of Fame member Shaquille O’Neal told CNBC Make It last month that he also hasn’t invested in cryptocurrencies, mainly because he doesn’t fully understand yet. their operation.

Financial advisers to Hall of Fame member Charles Barkley “don’t believe in crypto either,” Barkley told CNBC Make It in August. “One of them said, ‘If I ever put you in crypto, you should fire me right away.'”

A slew of pro athletes have ventured into cryptocurrency recently, from seven-time Super Bowl champion Tom Brady and New York Giants running back Saquon Barkley to three-time NBA champion Stephen Curry.

But financial experts often warn investors that the cryptocurrency market is inherently volatile and you should only invest the money you can afford to lose.

Earlier this week, JPMorgan Chase CEO Jamie Dimon called bitcoin, the world’s largest cryptocurrency by market value, “worthless.” Dimon previously told Axios that bitcoin is like fool’s gold and that he believes “regulators are going to regulate the hell out of it.”

As of Thursday morning, bitcoin was trading at around $ 57,500, according to CoinMarketCap, with a market value of over $ 1,000 billion.

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