When all of these NFL players were opting to get paid in Bitcoin last year, everyone thought it was a genius idea.
Fast forward several months later, and those “genius ideas” are suddenly looking like colossal mistakes. We’ve already seen how much money these Bitcoin contracts have cost certain players.
Odell Beckham Jr.’s situation is especially interesting, however. That’s because he actually lost money as a result of this, and ended up paying to play in the NFL last season.
According to a graphic that has been making its rounds on social media, OBJ actually PAID $142,000 to play in the NFL last year. That’s because he signed a $750K contract, which was paid as 11 Bitcoin. He was then taxed 50.3% on that amount, costing him $377,000.
Meanwhile, the 11 Bitcoin he was paid is now only worth roughly $220,000. Just do the math from there: Odell paid $377,000 in taxes on a contract that is now worth only $220,000, meaning he pretty much paid the difference ($157,000) to play last season. (I’m not sure where the graphic get the final total of $142,000 from, as $377K minus $220K is clearly $157K.)
That’s a rough deal for Odell Beckham, but at least he got a Super Bowl ring out of it. Hopefully he learned his lesson and takes his next contract in good ol’ fashion USD.