Wednesday, May 18, 2022

After Bitcoin Losses, New York Giants Player Sticking to Warren Buffet

After Bitcoin Losses, New York Giants Player Sticking to Warren Buffet

After downloading the Coinbase trading app and joining the bitcoin craze in 2017, New York Giants linebacker Devon Kennard’s portfolio is deep in the red amid crypto’s current bearish trend. Now, Kennard sounds like he’ll be sticking to traditional assets for the foreseeable future. 

Also read: Bitcoin Gains $2,500 as Traders Wonder If the Crash Is Over

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Kennard: “I Downloaded Coinbase”

The New York Giants had a down year in the NFL in 2017. And Giants linebacker Devon Kennard’s cryptocurrency portfolio’s been down since 2017.

Kennard pictured.

Kennard’s a saver and an investor by nature, and when the cryptocurrency craze flirted with mainstream circles late last year, Bennard caught the bitcoin bug. “I’m going to be honest, I downloaded Coinbase and put a couple hundred dollars in,” he recently told CNBC.

But Kennard bought not far from the top of the last cryptocurrency bull run, wherein bitcoin briefly and climatically surged past $19,500 USD. So he, like many others, now has a portfolio that’s experienced quite a bit of de-valuation. Accordingly, Kennard’s rethinking his strategy going foward:

“Warren Buffett has been right a lot more than I’ve been right when it comes to finances, so I don’t know if I’m going to bet against him […] For me, a rule of thumb is, if I don’t understand it, I’m not going to invest in it. I don’t know if I’m ever going to fully understand bitcoin.”

Kennard’s charting his own path and doing what is best for his personal finances, which is what everyone in the cryptoverse should be doing.

We’d also say, though, that crypto’s probably not down for the count just yet, and that Kennard should keep his eyes peeled on the space in the months ahead.

Seahawks Safety Richard Sherman Fairing Better

During a recent interview, Seattle Seahawks superstar safety Richard Sherman noted that he bought into bitcoin in 2017 when its price was still hovering around $2,000 USD.

As such, his portfolio’s obviously weathered the recent crypto market downtrend much better.

But the volatility of the space is something Sherman’s no stranger to, which is why he reportedly advised his own grandmother from investing into bitcoins — suggesting it wasn’t an investment class that was quite right for her, at least not for now.

What’s your take? Should Kennard keep hodling a bit longer and see if bitcoin picks up steam again? Sound off below in the comments.

Images via LA Times, NFL, Seattle Times

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