6 NFL stars who bet big on cryptocurrency

NFL star Odell Beckham Jr. not only caught passes, but also caught Bitcoin fever when he decided to make a bold statement about his financial future in 2021.

Partnering with Square CashApp, OBJ proudly announced that he will receive his entire $4.25 million Los Angeles Rams salary in Bitcoin (BTC) for the 2021-2022 season.

Skeptics scoffed. Bitcoin was trading at a respectable level at $57,400 in November 2021, and this move appeared to be a month away. But Beckham Jr. This was a “new era” for him. See below.

This is a NEW ERA and I am excited to announce that I am receiving my new salary in bitcoin to kick it off. @CashApp. TO ALL MY FANS out there, wherever you are: THANK YOU! I am giving back a total of 1 million dollars in BTC rn. Leave your $cashtag w. #OBJBTC & to follow @CashApp NOW pic.twitter.com/ds1IgZ1zup

— Odell Beckham Jr (@obj) 22 November 2021

To celebrate both his new crypto-friendly paycheck and his move to the Rams, he promised to give away $1 million worth of Bitcoin to fans via X (formerly Twitter).

Watch out for the avalanche of “thank you” tweets from followers excited about their newfound digital riches.

Fast forward to earlier this month: Beckham Jr. He made it clear that he was happy with his decision.

Beckham Jr. He was not alone in this cryptocurrency craze. He is just one of a growing number of NFL players eager to replace the American dollar with so-called digital gold.

Russell Okung

Before Beckham Jr., there was Russell Okung. The offensive tackle heated up in 2020 when he converted half of his $13 million salary with the Carolina Panthers into Bitcoin.

Okung’s “Paid in Bitcoin” announcement went viral, positioning him as the NFL’s crypto pioneer. Little did he know that he would inspire a huge wave of blockchain enthusiasm among his peers in the arena.

NFL executives and financial advisors (even his mother) reportedly tried to prevent Okung from taking the leap into crypto. But his persistence paid off.

Today, he co-founded Bitball, a sports league startup that pays participating athletes in crypto.

Sean Culkin

Sean Culkin, a tight end with the Los Angeles Chargers and Baltimore Ravens in 2021, became the first NFL player to convert his entire NFL salary into Bitcoin when he joined the Kansas City Chiefs.

“I fully believe that Bitcoin is the future of finance, and I wanted to prove that I had real skin in the game,” Culkin said in April 2021.

“He wasn’t just trying to make a quick buck,” he added.

In March, he tweeted to fellow crypto bull Okung.

trevor lawrence

The former No. 1 draft pick signed with cryptocurrency portfolio tracking app Blockfolio in 2021.

Jacksonville Jaguars quarterback Lawrence’s signing bonus was reportedly paid entirely in cryptocurrency.

However, contrary to reports, this bonus was separate from his $24 million NFL deal. Inaccurate reporting led some to estimate that Lawrence lost $15 million due to the crypto market crash. Recall how the capitalization of the cryptocurrency market fell from $2.9 trillion in November 2021 to $798 billion by the end of 2022.

In reality, Lawrence’s NFL earnings were not affected by the blockchain drama at the time.

Aaron Rodgers, Saquon Barkley and Demario Davis

Aaron Rodgers partnered with Cash App in late 2021 before becoming a quarterback for the New York Jets, opting to receive a portion of his NFL salary in Bitcoin.

That year, Saquon Barkley of the New York Giants announced that he would convert all of his off-field income into Bitcoin, citing the importance of long-term wealth preservation.

New Orleans Saints linebacker Demario Davis received an honorable mention for declaring that fiat currency is “inherently unfair and corrupt.”

Ultimately, he did not accept the NFL contract with Bitcoin. But in April of this year, Davis expressed interest, calling it “the future of money.”

See below.

Crypto’s latest zone: Fumbling or scoring big?

While these NFL stars made headlines for their Bitcoin paydays, timing didn’t really matter.

Bitcoin is currently enjoying all-time highs but remember its sharp decline after November 2021. Rising interest rates after reaching a peak of around $69,000 at the time, excessive speculation in the market, and high-profile crypto crises such as the collapse of TerraUSD and the bankruptcy of FTX contributed to this. to his downfall.

By mid-2022, Bitcoin’s value had fallen below $20,000; This highlighted the risks of unstable investments, especially for those who embrace cryptocurrency salaries, such as NFL stars.