Select NFL players drew some criticism a few years back when they opted to receive some of their salaries in the form of cryptocurrency. But with the recent boom of the price of Bitcoin, they are now reaping the benefits and getting the last laughs.
OBJ, Okung Are Big Winners In NFL Bitcoin Craze
The biggest winner this week is Russell Okung. After spending 11 seasons in the NFL and qualifying for two Pro Bowls, the offensive lineman has been out of football since 2020. But before he made his departure from the game, he made an investment in his future that is paying dividends today.
In a move that was seen as highly risky at the time, Okung converted half of his $13 million salary in 2019 into Bitcoin. With his $6.5 million, he was able to purchase roughly 240 units of the cryptocurrency. The price at the time was $27,000, and the investment looked volatile at first.
Russell Okung Took Half Of His Salary In BTC in 2020, So He Has Now Turned $6.5 Million Into $45 Million And The Haters Are Silent https://t.co/pwr4aDCpPQ pic.twitter.com/aiG27EferP
— Barstool Sports (@barstoolsports) November 11, 2024
The Bitcoin boom of 2021 had Russell sitting pretty. That $27k price tag shot up to and hovered around $60k throughout that year, making the offensive lineman’s investment look like a solid one. But things changed in 2022, as the price for a BTC unit dropped all the way down into the $16k range. That meant that Okung’s initial investment of $6.5 million had dropped all the way to $3.8 million.
Now, as the 2024 calendar year comes to a close, the price of Bitcoin is higher than it has ever been. As of Wednesday, November 13th, the figure was hovering around $90k per unit. That means that the original price that Okung paid has more than tripled, and that initial investment of $6.5 million is now worth upwards of $21.8 million. That puts the return on investment at +235% and counting.
Bitcoin Now Hovering Around $90k Per Share
Okung wasn’t the only one. Odell Beckham Jr. sent out a tweet on Wednesday reminding the NFL world that he too made a smart investment in crypto. When he signed his $1.25 million deal ($750k + $500k signing bonus) with the Los Angeles Rams in late 2021, OBJ decided to join the NFL Bitcoin craze and take his earnings in the form of roughly 20 shares at around $62k per.
Almost immediately after Beckham’s signing, the price drop to $16k per share turned his $1.25 million into $320,000. It appeared to be a poor investment in a similar way to Okung’s, but the recent boom in value has proved otherwise. Now at the $90k per share mark, OBJ has added nearly $600,000 in value to the original deal.
Soooo who said taking my Rams salary in bitcoin was dumb again? 🤔🤫😌 pic.twitter.com/7ZPJtRm2gG
— Odell Beckham Jr (@obj) November 13, 2024
Other NFL players have dabbled in the crypto game to varying degrees. Around the same time as the OBJ signing in 2021, Aaron Rodgers announced that he would be accepting a portion of his $22 million salary in Bitcoin, thought the exact percentage was never released.
Trevor Lawrence accepted crypto as part of an endorsement deal, which turned sour and eventually produced a lawsuit. There was initial confusion from fans, thinking that he accepted his $24 million signing bonus with the Jaguars in the new currency, but Lawrence later cleared the air. Saquon Barkley also accepted an endorsement deal in the way of Bitcoin, though the specifics are generally unknown.
