Final November, Odell Beckham Jr. stirred up the information media when the Los Angeles Rams extensive receiver stated he would obtain his new wage in bitcoin.
Beckham, who was shifting to L.A. from Cleveland, had inked a partnership with Money App.
A number of NFL Gamers Getting Paid in Bitcoin
“It is a NEW ERA & to kick that off I am hyped to announce that I am taking my new wage in bitcoin,” tweeted the three-time Professional Bowler, who additionally stated he was freely giving $1 million in bitcoin to followers.
Beckham is one among not less than 5 present NFL gamers receiving not less than a few of their pay within the type of a crypto wage. The record contains Aaron Rodgers, Trevor Lawrence, Russell Okung, and Saquon Barkley.
Beckham — together with a variety of different individuals — took a monetary shellacking final month when bitcoin’s worth nosedived.
The Motion Community, a sports activities media firm, checked out this example and requested a easy query: How may different high-profile NFL athletes fare in the event that they transformed their present salaries into cryptocurrency?
The corporate analyzed bitcoin and ethereum developments between 2020 and 2021 and 2021 and 2022 and got here up with growth and bust lists for a number of the greatest names within the recreation.
“Rolling again the years to 2020, it’s astonishing to see simply how a lot soccer gamers on mega salaries may’ve cashed in on the then-impending Bitcoin growth,” the Motion Community stated in a report. “In actual fact, anybody investing their wage every week in 2020 may’ve elevated their pay 2.5x over by January 2021.”
Soccer and crypto aren’t any strangers. Final month’s Tremendous Bowl was dubbed “The Crypto Bowl” as a result of variety of cryptocurrency exchanges shopping for airing advertisements through the Recreation Bowl.
The Motion Community stated every star’s annual revenue was divided by 52 to disclose their weekly wage.
Mahomes Goes Lengthy on Crypto
The weekly determine was then dollar-cost averaged to disclose return on funding if transformed to bitcoin or ethereum weekly by means of the years 2020-2021 and 2021-2022.
Kansas Metropolis Chiefs quarterback Patrick Mahomes was the large winner, the report stated.
Contemporary off a Tremendous Bowl LIV victory and an accompanying MVP efficiency, Mahomes was incomes $863,013 weekly.
If he had invested in bitcoin, Mahomes may have earned an extra $113.86 million between January 2020 and January 2021.
Buffalo Payments QB Josh Allen unwittingly sat on $108.81 million in unfulfilled potential earnings in 2020, the report stated, whereas the Cowboys’ Dak Prescott may have made $101.20 million.
Houston Texans quarterback Deshaun Watson, who’s dealing with civil lawsuits and reportedly legal complaints over sexual assault allegations, missed out on $98.68 million.
Quarterback Russell Wilson, whom the Seattle Seahawks just lately traded to the Denver Broncos, may have raked in $80 million.
However all good issues should come to an finish and cryptocurrency isn’t any exception.
“If 2020 was the 12 months to revenue from Bitcoin, 2021 was the precise reverse,” the report stated. “Any participant who greenback value averaged their wage between January 2021 and January 2020 would have seen their crypto wage drop by 19.51% and misplaced tens of millions.”
So, if Mahomes, who obtained married in Hawaii on Saturday, had invested his weekly pre-tax earnings into bitcoin final 12 months, he would have misplaced $8.78 million by January 2022.
Josh Allen, Dak Prescott and Deshaun Watson in the end dodged losses of $8.39 million, $7.80 million, and $7.60 million, respectively, by not investing in bitcoin.
A Bitcoin Crash Might Price Mahomes, WIlson
Final 12 months’s bitcoin crash may have value Russell Wilson $6.82 million.
Now let’s sort out ethereum, which is second solely to bitcoin in market capitalization. Nevertheless, again in 2020, it was largely an unknown amount.
And if Mahomes had invested his weekly revenue in 2020 into ethereum, he would have amassed $357.43 million, or greater than a 3rd of a billion {dollars} by 2021.
“It might take him eight years to earn this from his wage alone,” the Motion Community stated. “And with the unpredictable nature of the NFL, that’s hardly assured cash.”
Josh Allen, Dak Prescott, and Deshaun Watson would have pulled in over $300 million, whereas Wilson may have amassed $200 million or extra.
“In fact, no person desires to be the primary to danger their hard-earned wage in an unknown commodity,” the report stated. “Hindsight is all the time 20/20, as they are saying.”
Sure, and what goes up, should come down, and ethereum additionally took a tumble in 2021 and 2022.
Any participant changing their 2021-22 wage into ethereum would have suffered a complete lack of 4.91%.
Mahomes and Allen would have misplaced $2.20 million and $2.11 million, respectively. Prescott, Watson and Wilson prevented losses of over $1.5 million every, the report stated.
