In November 2017, Los Angeles Rams wide receiver Odell Beckham Jr. sparked the interest of the media when he revealed that he would receive his salary in Bitcoin. According to sources, many NFL players are now getting some of their pay in Bitcoin or other cryptocurrencies.
In a tweet, the three-time Pro Bowl player revealed that he would be receiving his salary in crypto. He also said that he would give away $1 million in cryptocurrency to his fans. Several NFL players, including Aaron Rodgers, Saquon Barkley, Russell Okung, and Trevor Lawrence, have also confirmed that they would be receiving some of their salary in cryptocurrency.
After the value of Bitcoin dropped significantly last month, many people, including NFL players, took a financial hit. A media company asked how other high-profile athletes would fare if they converted their salaries into cryptocurrency.
The company then analyzed the cryptocurrency and Ethereum trends from 2020 to 2023. It then came up with a list of the biggest busts and booms in the cryptocurrency world. It was then revealed that even professional football players who made mega salaries during the Bitcoin boom could have made a lot of money if they invested their salary in the cryptocurrency.
Aside from professional athletes, the world of cryptocurrency and football is also no stranger to both parties. During the Super Bowl last month, several cryptocurrency exchanges bought ad space during the game. The Action Network revealed that each of the NFL star’s annual incomes was divided by 52 weeks in a year to come up with their weekly salary.
Crypto With Mahomes is a Touchdown
The weekly figure was then calculated to reveal the return on investment that would be obtained from converting a player’s salary to cryptocurrency. The report noted that after leading his team to victory in the Super Bowl, Kansas City Chiefs quarterback Patrick Mahomes earned almost $1 million a week.
If he had invested in Bitcoin, the report noted, he could have earned over $103 million in the next two years. Dallas Cowboys quarterback Dak Prescott and Buffalo Bills quarterback Josh Allen could have also made a lot of money if they had invested in cryptocurrency.
Houston Texans’ quarterback Deshaun Watson, on the other hand, missed out on almost $100 million due to his legal issues. Seattle’s quarterback Russell Wilson, who recently joined the Denver Broncos, could have made around $80 million if he had invested in cryptocurrency.
The report noted that even professional athletes who made mega salaries during the Bitcoin boom would have lost millions if the cryptocurrency market continued to decline in 2023. After getting married on Saturday, the report noted that if the value of Bitcoin had remained at its current level, then the weekly earnings of Patrick Mahomes would have dropped by almost $10 million by 2023. Despite the losses incurred by them, Watson, Allen, and Prescott were able to avoid losing millions by not investing in cryptocurrency.
Wilson and Mahomes Could Lose Money if Bitcoin Crashes
Last year’s Bitcoin crash could have cost Wilson $6.82 million. Back then, Ethereum was regarded as a relatively unknown cryptocurrency. If he had invested his earnings in Ethereum in 2020, he would have accumulated almost $400 million by 2023.
The report noted that it would take eight years for a professional athlete to earn that amount from his salary alone. Aside from Wilson, Allen, Watson and Prescott, they could have made a total of almost $300 million if they had invested in cryptocurrency.
If the price of Ethereum continued to decline in 2023, the total loss that would have been incurred by athletes from their salary would have been 4.91%. If the price of Ethereum continued to decline in 2023, Allen and Mahomes would have lost over $2 million each.
Cryptocurrencies continue to be a trend in 2023 as their popularity is growing even more. There are more and more sectors and industries interested in implementing this advanced payment processing. Also, trading activities are on the rise as well.
We have to add that one of the main reasons why cryptocurrencies were created in the first place was to replace the current banking and financial systems that are not that efficient anymore. Also, it can be a great alternative that can help people avoid issues with inflation and recession.
There was a challenging period in the last few years due to pandemics and various measures that increased expenses in most countries. The struggle is even bigger with the current crisis in Ukraine, importing and exporting challenges on the international market, and other problems.
Those are all indications that now might be the perfect time for starting to invest in crypto and start using it instead of standard money. The first thing to do if you want to buy BTC or some other popular option is to look for a secure and well-known exchange, and you can check a great example of that if you click here.
When it comes to investing in this market, the crucial part is to learn more about different factors that can affect the prices over time, like the situation in the market, inflation, supply and demand, security, and more. Since it is a highly volatile market, checking the statistics and price movement is also very important so you can determine the right moment to either buy or sell these virtual assets.
Furthermore, according to many experts, the values will continue to rise over time, and it is a matter of time when virtual currencies will replace the current financial system. Many people are led by this when they decide to invest more money in this market.
A lot of people already decided to get their salaries by receiving funds from their digital wallets. The interesting fact is that there are some celebrities who made such moves as well. For instance, Odell Beckham Junior is an NFL player who recently decided to make some changes to the contract where he added that he wants his salary to be in Bitcoin. Some people might not agree that it was a good move, but considering the current inflation rate and predictions that say how BTC will become even more valuable, it could be the right move from this player.
He is not the only one as well since several other NFL stars decided to make a similar move. Aaron Rodgers updated his contract where a certain percentage of his huge salary of over $30 million will be paid on his digital wallet.
On the other side, most players would rather avoid this solution, but that doesn’t stop them from investing in this market. When it comes to the NFL, the biggest name related to the market of cryptocurrencies is Tom Brady, who is very active as an investor in blockchain-based currencies and a collector of NFTs.