As a seasoned financial analyst with over two decades of experience in the industry, I have witnessed the evolution of investments and the growing influence of technology in shaping our financial landscape. The recent trend among NFL stars to embrace cryptocurrencies, particularly Bitcoin, is a testament to the transformative power of digital assets and their potential as a game-changer in the world of finance.
In the year 2021, when NFL star Odell Beckham Jr. expressed concern about his financial well-being, it wasn’t only football catches that he snagged, but also a passionate interest in Bitcoin.
In collaboration with Square’s CashApp, OBJ declared that he will receive his entire $4.25 million Los Angeles Rams salary for the 2021-2022 season in the digital currency Bitcoin (BTC) instead.
Critics mockingly dismissed it, but by November 2021, Bitcoin had reached a notable $57,400. To some, this sudden surge felt like an ambitious space shot. However, for David Beckham Jr., it represented a “novel epoch.
I’m excited to usher in a fresh chapter! To start things off, I’m thrilled to share that I will be receiving my latest income in Bitcoin, courtesy of Cash App, represented by the handle @CashApp. To all my devoted fans across the globe: Thank you! As a token of appreciation, I am currently distributing $1 Million in Bitcoin. To join in, simply share your Cash App username with the hashtag #OBJBTC and follow @CashApp immediately.
— Odell Beckham Jr (@obj) November 22, 2021
He announced that he would generously distribute a million dollars worth of Bitcoin among his fans, both as a way to rejoice over his recent salary payment tied to cryptocurrency and his transition to the Los Angeles Rams team, through the platform now recognized as X (previously known as Twitter).
Cue the avalanche of “thank you” tweets from followers thrilled by their newfound digital riches.
Fast-forward to earlier this month: Beckham Jr. made clear he was happy with his decision.
🥱 😌 🚀
— Odell Beckham Jr (@obj) December 5, 2024
Beckham Jr. wasn’t alone in this cryptocurrency craze. He’s just one athlete on a growing roster of NFL players keen on swapping greenbacks for so-called digital gold.
Russell Okung
Prior to David Beckham Jr., there was Russell Okung, who made headlines in 2020 while playing for the Carolina Panthers by transforming approximately half of his $13 million earnings into Bitcoin.
As a crypto investor, I was thrilled when Okung declared, “Getting Paid in Bitcoin,” a move that sent ripples throughout the NFL community. Unbeknownst to him, this action sparked a massive wave of interest and excitement about blockchain technology amongst his fellow gridiron warriors.
It seems that NFL executives, financial consultants, and even his own mother were said to have attempted to dissuade Okung from investing in cryptocurrencies. However, his determination eventually proved successful.
As a pioneering researcher, today I am proud to be among the founding members of Bitball, an innovative sports league initiative. This groundbreaking venture offers cryptocurrency rewards to athletes who actively participate.
When I mentioned “pay me in Bitcoin,” it was merely the start of something bigger. Announcement at bitcoinmenaconf: Ticket holders for the @playBITBALL event on 12.10.24, Al Nahyan Stadium, Abu Dhabi can attend for free.
— OKUNG 🐆 (@RussellOkung) November 14, 2024
Sean Culkin
2021 saw Sean Culkin, a tight end who previously played for the Los Angeles Chargers and Baltimore Ravens, make history by choosing to change his entire NFL earnings into Bitcoin as he joined the Kansas City Chiefs, marking him as the first NFL player to do so in this manner.
In April 2021, Culkin expressed his conviction that Bitcoin will shape the future of finance, and he demonstrated this commitment by stating that he has a personal stake in it.
He was “not just trying to make a quick buck,” he added.
In March, he tweeted a shoutout to fellow crypto-bull Okung.
Here’s to the crazy ones @RussellOkung
— Sean Culkin (@culkin22) March 4, 2024
Trevor Lawrence
In the year 2021, the top pick from the first draft put pen to paper with Blockfolio, a software application that monitors cryptocurrency portfolios.
It was talked about that Lawrence, who plays as a quarterback for the Jacksonville Jaguars, allegedly received his entire signing bonus in the form of cryptocurrency.
Despite some reports suggesting otherwise, it’s important to note that Lawrence’s bonus was distinct from his NFL contract worth $24 million. The misinformation led a few people to presume that he lost $15 million due to the crypto market crash. Just to remind you, the total value of the cryptocurrency market plummeted from approximately $2.9 trillion in November 2021 to only $798 billion at year’s end 2022.
In reality, Lawrence’s NFL earnings remained untouched by the blockchain drama at the time.
Aaron Rodgers, Saquon Barkley and Demario Davis
Prior to playing as quarterback for the New York Jets, Aaron Rodgers decided to team up with Cash App towards the end of 2021, opting to collect a portion of his NFL earnings in Bitcoin.
As an analyst, I can share that during that specific year, Saquon Barkley, a running back for the New York Giants, disclosed his decision to transform his external earnings into Bitcoins. His rationale was grounded in the significance he attributed to securing long-term wealth preservation.
A special recognition is given to Demario Davis, a linebacker from the New Orleans Saints, who has been said to assert that fiat currency is “fundamentally unjust and manipulated.
Initially, he declined the NFL contract offered in Bitcoin. However, back in April, Davis showed enthusiasm, referring to it as “the currency of the future.
See below.
I’m thankful to both @lipscomb and @BitcoinMagazine for inviting me to discuss everything about Bitcoin. Discover why Bitcoin might be the future of our monetary system.
— Demario Davis (@demario__davis) April 16, 2024
Crypto’s end zone: Fumbling or scoring big?
While these NFL stars made headlines for their Bitcoin paydays, the timing wasn’t exactly clutch.
Currently, Bitcoin is reaching record prices, but it’s important to remember its dramatic drop following November 2021. After reaching almost $69,000 at its peak, factors such as increasing interest rates, excessive market speculation, and significant crypto events like the collapse of TerraUSD and the bankruptcy of FTX played a role in causing its decline.
By June 2022, the value of Bitcoin dipped beneath $20,000, underscoring the potential dangers associated with highly unpredictable investments, particularly relevant to professional football players who are adopting cryptocurrency as part of their earnings.
Read More
- AI16Z PREDICTION. AI16Z cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- Blockaid new dashboard to track Web3 activity and threats
- SEN PREDICTION. SEN cryptocurrency
- The Vampire Diaries Nina Dobrev Reunited With Co-Stars To Recreate Throwback Photo, And I’m Not The Only One Loving It
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Kakele Online unleashes its biggest update yet with the Orcs of Walfendah
2024-12-14 22:30