Tom Brady touts cryptocurrency investments, says he's a 'big believer'
'One of my coaches has been on it for eight, nine months, so we talk about it basically every day'
Tom Brady, Cristiano Ronaldo rookie cards on auction block
Ken Goldin of Goldin Auctions on rookie card auctions
Tampa Bay Buccaneers superstar Tom Brady revealed Thursday that he is a "big believer" in the long-term prospects of cryptocurrencies.
The seven-time Super Bowl champion told a panel that he has "definitely" made investments in crypto over the last year amid a surge in value for Bitcoin and other tokens. Brady admitted that he is "not an expert" on the marketplace but has tried to learn more about it.
"It’s funny, in our quarterback room, one of my coaches has been on it for eight, nine months, so we talk about it basically every day," Brady said during a keynote event at CoinDesk’s Consensus 2021 forum. "The prices of the different tokens, how the space is doing. It’s definitely something that’s on all of our minds."
The price of a single bitcoin has increased nearly 300% to $37,867 over the last 12 months as digital currencies gained more mainstream acceptance. The overall bitcoin marketplace alone is has a market capitalization of $708 billion.
The surge in value prompted a spike in interest among NFL players and other athletes. Last year, NFL veteran Russell Okung received half of his $13 million salary in bitcoin through a partnership with cryptocurrency startup Zap. Prior to his release, former Kansas City Chiefs tight end Sean Culkin said he planned to convert his entire salary into bitcoin.
CoinShares exec: Bitcoin energy consumption is ‘non-concern’
CoinShares chief strategy officer Meltem Demirors provides insight into the latest cryptocurrency headlines.
NFL teams aren’t yet permitted to pay out contracts in bitcoin, but Brady argued crypto could catch on as an investment vehicle for athletes.
CLICK HERE TO READ MORE ON FOX BUSINESS
"At the end of the day, technically that can’t happen. What they pay is in dollars," Brady said. "But I mean, how you invest your money? Absolutely. So I definitely think there’ll be more solutions as this is more widely adopted in all areas of our lives."
Brady entered the crypto investment space earlier this year with the launch of Autograph, a platform for blockchain-based non-fungible tokens, or NFTs. The digital assets have been likened to virtual trading cards.
"When I was a kid, I was a big baseball card collector," Brady said. "Understanding that the kids now in the digital age are going to want so many things at their disposal on their devices, it’s a great opportunity to be involved in that for unique collectibles."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Cryptocurrencies plunged considerably from recent highs amid concerns about the environmental impact of "mining" and regulatory action in China.
Brady said he doesn’t see the volatility as a major concern.
"I don’t think it’s going anywhere," Brady said. "Absolutely, there’s going to be volatility, but at the same time, knowing that when there’s a lot of change and there’s disruption in markets, there’s a lot of people that are going to fight those systems."