Bitcoin has become increasingly popular as a digital currency in recent years; billions of dollars worth of BTC tokens are traded every single day, while experts claim that since this digital currency was introduced in 2009, a surplus of 460 million wallets has been created.
Bitcoin’s decentralized nature and the possibility of earning substantial returns have captivated numerous investors and enthusiasts. Interestingly, a few NFL players have also joined the Bitcoin movement, choosing to receive their salaries in this cryptocurrency. This decision has had both advantages and disadvantages for a handful of players joining many others around the world embracing Bitcoin.
Why Are NFL Players Choosing Bitcoin For Their Salary?
Receiving your salary in Bitcoin offers numerous advantages. Firstly, Bitcoin operates on a decentralized network, meaning it is not controlled by any central authority; this provides individuals with greater financial freedom and independence. Additionally, much like in a top Bitcoin casino, Bitcoin transactions are highly secure due to the use of cryptography, protecting your salary from potential fraud or hacking attempts. Another benefit is the potential for value appreciation, as Bitcoin has shown significant price increases over the years. The transparency of Bitcoin transactions, recorded on the blockchain, also ensures accurate and traceable salary payments.
One of the most fervent supporters of Bitcoin, the Green Bay Packers quarterback Aaron Rodgers remains steadfast in his claims that this currency is the best way to beat inflation, and a few years ago announced he was taking some of his NFL salary in crypto. Rodgers has been a long-term advocate of Bitcoin, even attending the Bitcoin 2022 Conference to share his experiences with this form of digital currency. How did Rodgers announce his partnership with Cash App to exchange Bitcoin? By dressing up as fictional character John Wick and posting a video to Twitter, of course.
Odell Beckham Jr.
Following the decision from the Cleveland Browns to drop Odell Beckham JR. from their team, the star player decided to take his entire NFL salary in Bitcoin. This brave move was considered incredible at the time since it was during the golden era of Bitcoin hitting all-time highs and breaking never-before-seen currency records. Unfortunately, the decline of this currency has led Beckham Jr. to suffer a salary loss, with the hope the value of this currency will once again be up on the rise.
In April 2021, the Jacksonville Jaguars star signed a deal with crypto tracking app, Blockfolio, to have his entire $34 million bonus from signing paid in crypto. For Lawrence, with the value of crypto skyrocketing, this seemed a wise decision at the time. However, following the subsequent nosediving of Bitcoin, some worried that his bonus would have since dwindled in value. This all depends on timing, really. If Lawrence had pulled his money out with this form of crypto at its highest, he likely would have made a good profit. However, if he held onto it, then that’s a different story.
The first NFL player to be paid in Bitcoin, Russell Okung’s decision to receive his salary in crypto might have led to one of the better economic impacts of this list. As stated by the news release at the time, Okung pressured both the Panthers and his previous NFL team to give his salary to him in Bitcoin; the Panthers eventually paid the player in traditional currency but sent it through Strike, which then changed it into Bitcoin. This smart decision to put half of his earnings during the 2020 season into Bitcoin could have paid dividends as experts suggest Okung could be seeing a gain in the future – despite profits for other players falling.
Back in 2021, The New York Giants star was paid slightly over $10 million for the NFL season, and Barkley took all of it in Bitcoin. One year later in 2022, Barkley revealed he was taking endorsement money from soda big-leagues Pepsi and Nike – with a value of roughly $10 million. Unfortunately for the Giants star, Barkley ended up losing a fair bit of money from this endorsement, following the drop in the value of this digital currency. Like everything, crypto is a big risk!
Once one of the richest NFL players based on net worth, Tom Brady’s choice to invest in cryptocurrency is probably one of the saddest cautionary tales out there. Following the collapse of cryptocurrency company FTX, Brady lost millions of his hard-earned cash from the NFL; the retired player served as an “ambassador” for FTX after signing an agreement in 2021, receiving $30 million in stock which is now entirely worthless in exchange for promoting the company at both the FTX conference and on television. Once known as the team member whose progressive thinking and active investing would help him earn a billion, the FTX bankruptcy must have been a massive bruise to Brady’s ego.
Unleash the Action: Sign up for XFL Insider and Fuel Your Passion for Football!
USFL and XFL Merger: A Deep Dive into the Historic Collaboration
/ 2 months ago
Welcome to Episode 216 of the “XFL Week In Review,” your premier destination for...