French Tennis Player Monfils Signs Sponsorship Deal with eToro
Popular trading platform eToro has announced a partnership with renowned tennis player Gaël Monfils. Nicknamed “Sliderman,” Monfils was ranked number six in the world after his successful tournament run in 2016. An avid cryptocurrency trader, Monfils decided to sign a sponsorship agreement with the company after using it for his personal financial management.
Monfils and Cryptocurrency
Monfils first began investing in the digital currency ecosystem in late 2017 and has claimed to have made a profit on several short and long-term trades since. He discovered eToro after his brother-in-law recommended it to him and has been using it for the past year. Given that the platform is also meant to be a social trading experience, anyone can view his investment profile on the website to see his recent history.
The sports star has praised cryptocurrency in the past, with one of his most recent statements on the subject being “I find [cryptos] fascinating – it’s futuristic, definitely novel, quite volatile, and it’s interesting how and why they built it.” He is, of course, referring to how digital currencies were introduced to rival fiat and the traditional economy set in place by governments and other centralized bodies.
In an interview with UK publication The Times, Monfils addressed why he chose to go with eToro as his investment platform of choice. He said, “I use (eToro) while traveling and it gives me some independence with my money,” before adding, “Last year I was investing especially in cryptocurrency – ether, litecoin, XRP, and bitcoin. I sold out but have some left as a long-term investment, which I am not touching.”
When asked about his investments outside the cryptocurrency market, Monfils stated, “I have a diverse portfolio, with a particular interest in big tech stocks.”
Making Money with Money
A successful sports athlete, Monfils has managed to reach two Grand Slam semifinals in his career. Over the years, he has won around £10.5 million ($13.9 million) from prize pools at various tournaments. Even so, Monfils acknowledges that cryptocurrency trading involves a certain degree of risk. The tennis player’s interest in cryptocurrency investment and trading emerged shortly after he made it to the top four of the US Open in 2016, winning $875,000 in the process. He said:
“I know how hard I have worked to win my money. I’m a very safe person in terms of risking money. It’s so hard to earn the money – why would I then risk it?”
It was likely Monfil’s unique trading strategy and philosophy that allowed him to obtain a massive profit on his initial investment. Speaking about his returns, the athlete said, “I could have had more, for sure, if I had held it for a bit longer, but I sold it at the right time for me. I think I made close to 75 percent profit.”
Monfils uses the eToro social trading platform to trade and manage his investments. While the platform offers several unique features, the CopyTrader tool, in particular, gives investors a way to replicate the trades of another user. This allows users of eToro to automatically copy trades executed by the tennis player or another successful investor of their choice.
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