Tom Brady expected bitcoin to soar, but it looks that the world’s most valuable cryptocurrency isn’t following the same script as the seven-time Super Bowl winner quarterback. The world’s most renowned digital asset has been primarily headed south since Brady updated his Twitter profile image in May, in an apparent hint to his embrace, of bitcoin BTCUSD, +5.27 percent and crypto.
And not in the sense of moving south from the chill of New England to the pleasant climates of Tampa, Florida, but in the sense of price decline. Brady, a near-certain first-round Hall of Fame quarterback, admitted on Monday that his bitcoin timing should have been better: “OK, the laser eyeballs aren’t working. Anyone have any ideas?” Brady replied in response to a tweet from BlockWorks co-founder Jason Yanowitz, which highlighted Brady’s image-changing effort in the face of a poor bitcoin chart.
Bitcoin prices have dropped about 40% since Brady’s image change, and the cryptocurrency is down more than 50% from its mid-April high. Despite reports of regulatory crackdowns growing in China and one of the largest crypto exchanges, Binance, facing restrictions in the United Kingdom and being forced to withdraw from doing business in Ontario, Canada, Ether ETHUSD, +16.01 percent, which runs on the Ethereum blockchain, was up sharply Monday. Despite this, bitcoin prices are up 17% year to date, while Ether prices are up over 180%, and meme asset dogecoin is up 5,300% so far in 2021. Traditional assets have enjoyed more typical returns, with the Dow Jones Industrial Average DJIA, -0.44 percent and the S&P 500 index SPX, +0.23 percent both up by at least 12 percent, and the Nasdaq Composite Index COMP, +0.98 percent up by around 14 percent. Brady, on the other hand, isn’t your typical quarterback. Even before his May bitcoin tweet, he had expressed interest in cryptocurrency, similar to tight end Rob Gronkowski of the Tampa Bay Buccaneers, who announced in April that he was developing a nonfungible token, or NFT, platform called Autograph. What digital asset and bitcoin recommendations would you give the Pro Bowl quarterback?
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