Darren McFadden has a cautionary tale of getting f*cked over on Bitcoin
Calling Bitcoin (BTC) a ‘hot word’ or even a phenomenon in 2017 would be an understatement.
Last year, cryptocurrency saw the aggregate market cap go from a combined total of $17.7 billion to $225 in less than 11 months — almost a staggering 1,200%.
As you can imagine, financial advisors, entrepreneurs, and just about anyone trying to flip some money have tried their best to get in on bottom floor of the crypto-movement.
Of those ambitiously trying to break in the bitcoin rush was former Oakland Raiders and Dallas Cowboys running back Darren McFadden.
In 2016, according ESPN, he filed a lawsuit against his ex-financial manager, Michael Vick (no, not the Falcon great) for mishandling $15 million of his money, including $3 million that was supposed to be invested in bitcoin.
Fraud attorney, Chase Carlson, took the liberty of crunching the numbers himself and found that had Vick actually made McFadden’s investment he’d be sitting on $237 million — at the time McFadden sued Vick, one bitcoin cost $790, but now that price is nearly $20,000. Sheesh!
NFL running back Darren McFadden alleged a financial advisor wrongfully took $3 million from him relating to a #Bitcoin venture. Had it actually been invested in Bitcoin, it would be worth about $237,000,000: https://t.co/1OkX9Ll2WX
— Chase Carlson (@ChaseACarlson) December 18, 2017
After receiving power of attorney in 2008 — the same year McFadden signed with the Raiders — Vick was solely in control of the star running back’s assets. It’s during that span that McFadden and his attorneys feel his money was used inappropriately.
Since BTC, other cryptocurrencies, such as Tronix, have emerged to try and capitalized on this fast-growing market. But like most concepts in their infancy, these have also seen it’s fair share of problems. Along with not being the easiest to understand, cryptocurrency has already crashed three separate times.
Despite it’s unpredictable market failure, the potential of advancements of blockchain technology — the digital and decentralized ledger that records transactions without the need for a financial intermediary, such as a bank — makes it a venture hard to look away from, especially as the strength of the dollar continues to decline.
Whether it be BTC, Tronix or whichever comes after, there is clearly an interest in the digital currency space. Just make sure you’re not like McFadden and you put you money in the right hands.