Spencer Dinwiddie turning Nets contract into a Bitcoin gamble

By September 13, 2019 Bitcoin Business
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Spencer Dinwiddie
Spencer Dinwiddie NBAE via Getty Images

Spencer Dinwiddie has already shown himself to be a pretty good point guard and recruiter. Now, he’s adding entrepreneur and digital trailblazer to his resume.

The Nets point guard is looking to convert at last part of his three-year, $34 million Nets contract that kicks in this season into a digital investment and take a lump payment upfront. In short, he’s going to sell bonds in himself to get more money at his fingertips now.

The move, first reported by The Athletic and confirmed by The Post, is the first of its kind in the NBA.

Late Thursday night — hours after Dinwiddie retweeted a CNBC tweet of Draymond Green praising LeBron James for opening the doors for athletes to take control of their own futures — he simply tweeted “$btc,” the three letters symbolizing Bitcoin.

Bitcoin isn’t specifically covered in the Collective Bargaining Agreement — and the general circumvention language is quite broad, so there could be hurdles to work around or through — but it could impact how players negotiate deals in the future if it’s successful.

“If” being the operative word.

Dinwiddie has spoken before about investing in crypto-currencies. A token is a digital currency term, instead of a traditional bond bought from a broker. Dinwiddie’s investors would be paid principal and interest, with his contract covering what he owes.

Of course, the dangers lie in the unlikely event that the deal is voided for conduct. There are also questions about how this would impact the third year of Dinwiddie’s contract, which is a player option.

The move is very on-brand for Dinwiddie. He introduces himself on his Instagram page as “Just a Tech guy with a Jumper,” and hawks his own sneaker line K8IROS.

Dinwiddie averaged 16.8 points and 4.6 assists to help the Nets make the playoffs last season, then played a key role in recruiting Kyrie Irving to Brooklyn. Irving helped land Kevin Durant.

The Post reported that Dinwiddie is buying a $3 million penthouse on the highest floor in Brooklyn. The Brooklyn Point tower has the highest infinity pool in the entire Western Hemisphere, and a wine library.

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