Spencer Dinwiddie, who plays for the Nets in the NBA, is asking fans to invest in him via Bitcoin. He recently set up a GoFundMe campaign in BTC. In it, he says that if fans contribute enough, he will join a team of his fans’ choosing. The NBA player is expected to become a free agent around July 2021.
Quite a Lofty Ambition
The latest endeavor by Dinwiddie in the crypto sector is quite ambitious. It is based on the assumption that any team his fans pick will choose him. While he has been a good player for the Nets, is not a given that all teams would choose. The amount that fans of Dinwiddie would have to donate is around 2625.8 BTC, which is around $24,632,630 at current BTC prices.
Dinwiddie Responds to Questions
No doubt, fans have questions about the specific about Dinwiddie asking for. Shams Charania of The Athletic and Stadium took to twitter to respond to some of the issues. He published a statement from Dinwiddie that attempts to clear the air on the issue. The statement states that if Dinwiddie does not achieve the $24,632,630 milestone on GoFundMe, he will donate the proceeds to charity.
Dinwiddie and the Crypto Sector
Dinwiddie has been following up on the crypto and blockchain sector for a while, according to a tweet by CoinDesk. Recently, he was in the list of speakers at the recent Consensus: Distributed crypto and blockchain five-day seminar.
The Views of the NBA
Last fall, Dinwiddie attempted to take out a business, which would be guaranteed by his three-year contract worth $34.4 million. Fans would have been able to purchase 90 SD8 coins, worth $13.5 million. However, the NBA took issue with it.
The league felt that Dinwiddie was essentially offering investors the opportunity to win big if he opted out of the third year of his contract, worth around $12.3 million. After that, he would receive a major boost in his salary in his next contract.
According to Dinwiddie, the league had threatened they would terminate his contract over the issue. He said that he was told that amounted to gambling, which would lead to a termination of his contract. Eventually, he withdrew the offer to his fans.
Recently, a media report outlined how his latest project violates various NBA rules. It is likely the NBA will stop his latest endeavor as well.