*We previously reported that when Odell Beckham Jr. signed with the Los Angeles Rams in November, he opted to convert his $750,000 salary into Bitcoin.
At the time, Bitcoin was worth $64,000 per coin. As reported by Hot New Hip Hop, the cryptocurrency is now worth around $35,000, which may not good for Beckham’s earnings.
I know this fits your narrative, but it’s simply not true.
1. The deal was announced on Nov 22nd, not Nov 12th.
2. NFL players get paid weekly, not 100% upfront.
3. Cash App paid him 7-figures in marketing money — that’s more than his entire contract with the Rams.
— Joe Pompliano (@JoePompliano) January 23, 2022
Here’s more from the report:
As reported by Darren Rovell, OBJ’s entire salary is now worth $413K as opposed to $750K. Not to mention, once you factor in taxes, he has only made around $35K, which is enough money for just one Bitcoin. Simply put, OBJ has not benefitted from this decision. Of course, Beckham could simply decide to hold on to his Bitcoin, and perhaps in a year from now, it will go back up. Regardless, nothing is guaranteed, especially in crypto.
Yahoo writes, “It’s worth noting that unless they show us, there’s no way to know precisely how much athletes like Rodgers or Beckham might have gained or lost with their Bitcoin dalliance. There will be a lot of assumptions, but the truth is nobody here is staring at their financials. Instead, people are doing some basic math and then speculating.”
Beckham isn’t the first NFLer to get his bread in this new-fangled form of currency. Back in October, Green Bay Packers star Aaron Rogers announced that he teamed up with Cash App to have a portion of his salary paid in Bitcoin.