According to Swan Bitcoin’s head of business Dante Cook, Bitcoin’s “hard money” properties are becoming an attractive prospect for American athletes looking to safeguard their earnings.
In the latest episode of Decentralize with Cointelegraph, Cook unpacks why young American athletes are drawn to investing in Bitcoin and how financial institutions and seasoned investors are becoming more aware of the preeminent cryptocurrency’s compelling value proposition.
The former Division One linebacker, who starred for William & Mary in 2010, explains why Bitcoin is becoming a novel investment vehicle for young college athletes in America, and why some prominent NFL players have chosen to receive part of their compensation in BTC in recent years.
He adds that players have their investments managed by agents or financial advisers, who typically take a percentage of earnings. Returns in performance have waned in this regard, which has left many players wondering why they’re paying for below-average returns.
“Players want better answers for why they’re not getting more return for their money, even though they're subjecting themselves to getting hit 80 snaps a game on Sundays, only getting paid 17 weeks a year, and only getting promised a pension of $38,000 a year from the NFL,” Cook tells Cointelegraph.
Factoring in that the average NFL career lasts around 3.7 years, Cook says players are increasingly aware of the need to secure their financial futures.
“How does that math work out? Is this contract large enough? Is the risk that I’m putting my body on the line low enough that it will sustain me for the rest of my career when I’m done?”
Cook is also actively working and engaging with athletes across all levels, and highlights an example of a progressive approach at the University of Michigan. The university’s football team won the Big Ten football championship in 2023 and is the number-one-ranked team in the country.
“They are the first collegiate major football program to do a financial literacy class on Bitcoin, proof-of-work and understanding how their players can protect and preserve their wealth,” Cook explains.
Cook was involved in educating more than 50 of the University’s athletes on Bitcoin, with all the students receiving BTC for participating.
“You’d be amazed these kids were jumping in and asking about BRICS, fiat currencies, inflation and Federal Reserve policy. It was unbelievable. You’re starting to have this new class of athletes and people that are empowered, smart, educated, and want Bitcoin,” Cook adds.
During the podcast conversation, Cook also delves into the changing perception of Bitcoin as an investment asset for an older generation of investors.
“The boomers are starting to figure out that there’s no other game in town. There’s no other place to turn to. Bitcoin has a unique value proposition in that, you know, they call it exponential gold or gold with wings, whatever you want to call it, and that it has the fixed supply characteristics of hard money and sound money assets, with the high volatility and high beta upside of a tech stock,” Cook explains.
Swan Bitcoin's head of business actively advises institutional and private investors on Bitcoin acquisition, storage, and management.
Listen to the full interview with Dante Cook on Spotify, Apple Podcasts, Google Podcasts or your podcast platform of choice.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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