NBA Superstar Charles Barkley: 'My People Do Not Believe In Crypto'

American basketball player Charles Barkley won’t be joining the growing list of professional athletes that have embraced cryptocurrency.

What Happened: In an interview with CNBC Make It, Barkley disclosed a simple reason for his lack of enthusiasm for the space – his financial advisors don’t believe in crypto.  

“My people do not believe in crypto,” he said. “I got a couple of financial guys. One of them said, ‘If I ever put you in crypto, you should fire me on the spot.’”

“And listen, I know that [crypto] is all over the place, to be honest with you, but my people don’t believe in [it],” he added.

Why It Matters: The volatility surrounding cryptocurrency in recent months has likely played into the mindset of those that remain skeptical of the asset class. In April, the leading crypto asset Bitcoin BTC/USD hit an all-time high of $64,800 before falling to half its value only two months later. At press time, Bitcoin was trading at $37,800.

While the cryptocurrency’s price swings have spooked some retail investors out of the crypto market entirely, long-term believers remain optimistic about the outlook for the space.

These include a number of professional athletes such as Saquon Barkley, who gets paid for all his endorsement deals in Bitcoin.

Earlier this year, NBA Kings owner Vivek Ranadivé claimed he was going to offer everyone in the Kings organization the option of getting paid any amount of their salary in Bitcoin.