In summary
- Odell Beckham Jr. celebrated his bet to receive his salary in Bitcoin, which has gained almost 40% since 2021, when he converted it to $64,293.
- Although it has not been confirmed whether he maintained his entire position in Bitcoin, his message suggests that he remained steadfast despite the ups and downs of the market.
- Other athletes like Russell Okung and Tom Brady have also converted their salaries into Bitcoin or participating in crypto deals.
Odell Beckham Jr. is getting the last laugh on his Bitcoin bet in 2021. The Miami Dolphins wide receiver took to social media on Wednesday to remind everyone of his decision to receive his $750,000 salary from the Rams in Bitcoin three years ago. years.
“Who said taking my Rams salary in Bitcoin was dumb again?” Beckham said Wednesday afternoon as Bitcoin traded above $90,000, representing a nearly 40% gain since converting to $64,293 on Nov. 12, 2021.
While Beckham’s representatives have not confirmed whether he has maintained his entire position in Bitcoin, his victory lap on social media suggests that he remained steadfast in his conviction through the market’s ups and downs. Any profits would be subject to capital gains taxes if sold, in addition to the income tax likely paid on the initial salary.
The NFL star’s Cryptocurrency holdings were converted through a deal with Block Inc.’s Cash App in November 2021.
While his investment suffered during crypto winter 2022, falling to $401,500 at one point, this year’s rally has put him firmly ahead, despite his decision being flagged as a “cautionary story” during the bear cycle.
Beckham is not alone in the crypto athlete club. Former Carolina Panthers player Russell Okung made waves in 2020 by converting $6.5 million of his salary into Bitcoin for $27,000 — a stake worth more than $20.9 million today.
Other sports stars like Tom Brady, Saquon Barkley, and Trevor Lawrence have dabbled in crypto compensation through various deals and endorsements.
Jobs in the crypto industry continue to rise as more companies continue to hire and scale their projects.
Data from Tiger Research shows cryptocurrency industry momentum goes beyond price action, with global Web3 job postings rising nearly 20% year-over-year following approval of Bitcoin ETFs by the US SEC in January 2024.
Asia leads employment growth, with Singapore, India and Hong Kong emerging as key hiring hubs.
Companies have “started to accelerate hiring,” with most paying partially or fully in “tokens, Ethereum and often Bitcoin,” Raman Shalupau, founder and CEO of CryptoJobsList, a leading job portal for the cryptocurrency industry, told Decrypt.
The rise in cryptocurrency values follows Donald Trump’s election victory and his dramatic shift from cryptocurrency skeptic to enthusiast, vowing to make the US “the crypto capital of the planet.” Bitcoin is up 139% in the last year, while Ethereum is up 55% to $3,100.
Edited by Sebastian Sinclair
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