NFL Star Odell Beckham Jr., Who Converted His Salary To Bitcoin In 2021, Says, 'Safe To Say We Still Our Happy With Our Decision'—Here's What It Is Worth Now
NFL star Odell Beckham Jr. may be having the last laugh against critics of his decision to take his salary in Bitcoin.
When Beckham opted to convert his 2021 base salary of $750,000 from the Los Angeles Rams to Bitcoin as part of an endorsement deal with the Block-owned (NYSE:XYZ) Cash App, critics were quick to argue that he was making a mistake. These critics only grew louder as a market crash ensued the following year, which saw Bitcoin lose nearly 80% of its value.
But now, nearly four years after the Bitcoin bet, Beckham is the one who is smiling.
'Sooooo Bitcoin is at an ALL TIME high today...safe to say we still happy with our decision,' he said on X on July 14 as the asset surged to record highs above $120,000.
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When Beckham announced his Cash App deal, Bitcoin traded near $60,000. At last look, the asset is trading at $118,000, up 96% from then, suggesting that Beckham's $750,000 payout is now worth $1.47 million.
Take away federal and state income taxes of 49.3% combined on the $750,000, and Beckham would still be left with over $1.1 million, nearly three times more than he would have taken home had he left the salary in cash.
This is, of course, assuming that Beckham has refrained from selling any of his BTC through the downturn and the recent rally.
Regardless, Beckham has taken advantage of the renewed attention in recent months to highlight that his deal with Cash App remains active, offering referrals $20 BTC bonuses.
'People doubted me when I accepted my Cash App paycheck in Bitcoin,' he said in June. 'Jokes on you."
Trending: New to crypto? on Coinbase.
Beckham's Bitcoin move had followed similar decisions from other NFL stars. In December 2020, now-retired lineman Russell Okung announced he was taking half his $13 million Carolina Panthers salary in Bitcoin. Then-New York Giants running back Saquon Barkley followed suit in July 2021, announcing that he planned to convert all his income from marketing deals and endorsements into Bitcoin.
At current prices, Okung's investment is valued at $22 million, while Barkley should be up a healthy 260%.
The recent change in the fortunes of the NFL players comes as the U.S. government has warmed to the cryptocurrency industry with President Donald Trump's return to office. In just a few months, he has pushed several pro-cryptocurrency policies.
At the same time, institutional demand for the asset has continued to grow, as evidenced by inflows to spot Bitcoin exchange-traded funds launched in the past year. In addition to this institutional demand, public companies led by MicroStrategy (NASDAQ:MSTR) continue aggressively accumulating the asset.
Amid these tailwinds, proponents say that Bitcoin still has significantly more room to the upside, with some observers predicting it will hit $200,000 by year-end. If that happens, naysayers can expect more 'I told you so's' from Beckham.
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This article NFL Star Odell Beckham Jr., Who Converted His Salary To Bitcoin In 2021, Says, 'Safe To Say We Still Our Happy With Our Decision'—Here's What It Is Worth Now originally appeared on Benzinga.com
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