Cryptocurrencies have become a massive financial trend in recent years. Today, crypto represents one of the fastest growing technologies of all-time, paralleling the growth curve of the internet in the 1900s and mobile phones in the 2000s.
From its previous highs to its current lows, crypto represents one of the biggest potential payouts for investors as well as one of the biggest risks. Crypto markets, which had already taken a hit recently, just plunged further, according to Forbes. This hasn’t deterred famous faces though from getting involved in the cryptocurrency game.
Matt Damon’s Crypto.com ad might have had most people cringing as they watched it, but it represents a new phase in this market’s journey to mainstream acceptance.
Pro Athletes Paid in Crypto
Despite the risks, many celebrities have gotten in on this market. Professional sports have been one of the biggest markets for crypto, with the sector dominating this year’s Super Bowl ad lineup. Some professional athletes have seen an opportunity to change the way they are paid and have requested their salary be given to them in different cryptocurrencies.
So, who are these big names in the sports world getting their paycheck in Bitcoin? Here are just a few of the athletes paid in crypto.
Odell Beckham Jr. – LA Rams
It is fair to say that the Rams have had a reversal of fortunes since returning to Los Angeles, thanks in part to their excellent wide-receivers. One of these receivers, Odell Beckham Jr., recently disclosed that he was working with a popular money-sharing – and recently more tightly regulated – site, CashApp, to receive his full salary in Bitcoin.
Beckham’s Rams are sure to be amongst the favorites in the current betting odds with Coral for the Super Bowl next year, having gone into their recent win against the Bengals in the same position. However, will Beckham’s Bitcoin salary have the same value in 12 months’ time? That is the risk that he is taking but for him, it seems to be a calculated one.
Given the potential upside of Bitcoin, its fixed supply, and its rapid global adoption, his salary could also grow substantially in value compared to his teammates opting to receive their paychecks in US dollars (USD).
Aaron Rodgers – Green Bay Packers
This quarterback might have gotten more press for his statements off the field than usual, but even with all those distractions he was able to lead his team deep into the playoffs and remains likely to get a place in the Hall of Fame when his career finally comes to an end.
Like Beckham above, Rodgers opted to get a good chunk of his salary, which totaled around $33.5 million for the 2021 season, converted into Bitcoin.
With the recent Bitcoin price drop, it’s a great time for Rogers to receive his salary in Bitcoin because it will buy a substantially larger Bitcoin position than it would have just a few months ago. Although the cryptocurrency crested to an all-time high of $68,000 in November 2021, Bitcoin is currently priced at $42,000.
Shohei Ohtani – LA Angels
This pitching and hitting powerhouse out of LA has recently become a global ambassador for FTX Trading Ltd as well as receiving a sizable portion of his $3 million 2021 salary in Bitcoin. Shohei “Shotime” Ohtani is fast becoming one of the most popular and explosive athletes in baseball and is also keen to showcase the longevity and versatility of cryptocurrency.
He isn’t just becoming a face of the crypto markets in the US; he’s an investor with a serious stake in their success.