Latest NewsMillions wiped off Trevor Lawrence’s crypto portfolio” What went wrong?

Millions wiped off Trevor Lawrence’s crypto portfolio” What went wrong?

Are cryptocurrencies the biggest wealth creators in the contemporary world? There might still be a lot of crypto enthusiasts that might say yes. These backers of digital currency are probably the ones who bought their assets at low prices and liquidated them to book profit at an opportune time. But for many, cryptos might also have been huge wealth destroyers.

The latest in the list of crypto backers that have lost substantial amounts of money in the wake of the ongoing meltdown is NFL star, Trevor Lawrence.

Let’s explore. What is the buzz about Trevor Lawrence’s crypto investments? The cryptocurrency investment by Trevor Lawrence, a top NFL draft pick of the year, had made headlines in early-May 2021. According to reports, when quarterback Lawrence signed a contract with Jacksonville Jaguars last year, his entire signing bonus was parked in crypto assets. He was said to have joined forces with an exchange Blockfolio that converted the bonus into assets including Bitcoin, Ether, and Solana. 

Reportedly, bonus money worth US$ 24 million was converted into cryptos. Before him, a few other NFL players like Sean Culkin were also reported to have chosen to get paid in Bitcoin or other cryptos. 

Trevor Lawrence’s crypto losses

It is easily understandable that any investment in Bitcoin in May last year must have yielded massive losses, looking at Bitcoin’s current price. As per reports, Lawrence’s crypto portfolio is down more than 60 %. Millions of dollars have been wiped out in a matter of one year, which has become the talk of the town.

Since Lawrence’s investment using the Blockfolio platform made big news, the losses reported by analysts are also hitting headlines. There is, however, no official statement yet from Lawrence. Besides, the sum of money that was converted into cryptos last year is also an estimate. 

Lesson for crypto fans?

Crypto prices can swing in any direction. Last year, all three cryptos that were reported to have made Lawrence’s portfolio grew in value. Solana was one of the best performings among thousands of assets in the crypto-verse. But this year has been fraught with extremely negative forces, which have resulted in heavy losses. Bitcoin, Ether, and Solana have all lost at least half of their value since the beginning of 2022. The crypto lesson here is that enthusiasts that liquidate their assets at the opportune time can emerge unscathed.

How the ‘hold on for dear life (HODL) sentiment will work in the longer horizon is a wait-and-watch game. The bottom line NFL Quarterback Trevor Lawrence’s reported crypto losses might add to the fears that are already prevailing in the crypto world. That said, Bitcoin has currently stabilized at US$, 20,000, after having dropped to under US$, 18,000 a few days back.

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