NFL star Odell Beckham Jr. earned $750,000 salary in Bitcoin in 2021, mocks naysayers
NFL star Odell Beckham Jr. is celebrating a win, but not on the field. In early December, the Miami Dolphins player took to X (formerly Twitter) to celebrate Bitcoin’s price topping $100,000.
Back in 2021, when Beckham signed with the Los Angeles Rams, he reached an agreement with Block Inc.’s Cash App to receive a salary of $750,000 in Bitcoin. The price on the day of his conversion was $64,158, according to Action Network data cited by Morningstar. The website said that if he transferred the $750,000 into Bitcoin at once, the funds would be worth about $1,168,900 based on Bitcoin’s current value of about $100,000.
At the time, it was noted that this might not be a wise financial decision due to the volatility of virtual currencies. “How much did he end up spending?” MarketWatch asked. In fact, the world’s most popular cryptocurrency lost 74% of its value from November 2021 to November 2022, proving the concerns of some critics.
However, the recent rally has pushed the pendulum in the other direction. “Who says paying my Rams salary in Bitcoin is stupid?” Beckham posted on X in November.
While it’s unclear whether the athlete held on to his Bitcoin throughout the three-year period, it’s fair to assume that his gamble paid off. He also appears to have an endorsement deal with Cash App, tweeting last month, “I’m still working with @CashApp to get my salary paid in Bitcoin.”
The story is reminiscent of graffiti artist David Choe’s decision to use stock in the tech giant to pay for $60,000 to paint Facebook’s offices. That was in 2005.
Sometimes taking long-term bets on assets that are considered risky can lead to huge wealth creation. It can also have dire consequences and be extremely costly, so be sure to take the time to determine your risk tolerance and maintain a diversified portfolio.
If you’re as confident in Bitcoin as Beckham is, here’s how you can invest.
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