Bitcoin has dropped significantly in recent months, from a high of nearly $66,000 in October to a low of roughly $21,000 today. The dramatic drop in the world’s most popular cryptocurrency is indicative of the bigger crypto market, which is suffering from a drought.
This is difficult news to hear for individuals who aren’t as bullish on cryptocurrency as they once were, especially if they don’t sell sooner. Some athletes in the rankings may have gotten some or all of their compensation in cryptocurrency in the last year or so.
However, while the graph of celebrities who have suffered the greatest losses on Twitter is amusing (caption, not loss), it isn’t totally accurate.
I don’t want to hear another word about Trevor Lawrence’s decision-making compared to Tua when stuff like this is out there (via Coinjournal[dot]net). pic.twitter.com/VKJ9Ycyy6F
— David Furones (@DavidFurones_) June 21, 2022
Jaguars quarterback Trevor Lawrence, who partnered with Blockfolio to own it last April, was an immediate huge name. The entire $24 million rookie signing bonus has been paid out in cryptocurrency. That $24 million, according to the graph, is only worth roughly $9 million now. Lawrence, on the other hand, did not lose $15 million.
What we don’t know is whether or not Lawrence’s losses, or those of the other athletes, will be realized. When Lawrence’s contract with Blockfolio was revealed last April, Bitcoin was approximately $54,000. So if he pulls out at or near the October top, he might really earn a profit. Russell Okung, who will receive half of his 2020 salary in Bitcoin, might be one of the league’s most paid players at some point.
Of fact, for individuals who continue to invest, the potential losses may be greater than those listed above. However, those who appear to believe in cryptocurrency enough to invest millions in it will tell you that the market will shift and that they still have the opportunity to profit or break even. I’m not going to put money on it, but that’s just me.
The most important item to cross off the list is that no athlete is confident enough to invest their full paycheck in cryptocurrency. The only other player to do so was Odell Beckham Jr., but his $750,000 agreement with the Rams was a fraction of what he paid Brown the same year.
Sean Culkin was planning to invest his entire salary in cryptocurrency last spring, but he was fired before he had the chance – and then retired. The last all-in move is this. For the majority of people, salary conversion is just another risky investment. One that may or may not pay off, but that they are able to make in the end.
