Back in November, it was announced that Odell Beckham Jr. would accept his “new salary” on the Los Angeles Rams in Bitcoin. The wide receiver said in a tweet he will accept his salary in Bitcoin as part of an arrangement with Square Inc.-backed mobile payments service Cash App.
“It’s the start of a new era I’m looking forward to the future,” he wrote in a video embedded in the tweet. Beckham Jr. is also giving away $1 million worth of Bitcoin to fans on his Twitter account.
The three-time Pro Bowler parted ways with the Cleveland Browns and signed a one-year contract with the Rams reportedly worth up to $4.25 million with a base salary of $750,000.
Well, Bitcoin has dropped a ton since then and OBJ has a lost a substantial amount of his salary because of it, according to Darren Rovell.
“The amount of people applauding players changing their salary into Bitcoin as if they were heroes has been comical.
Rams WR Odell Beckham Jr., at least in the moment, provides a cautionary tale.”
“On November 12, Odell Beckham Jr. signed a deal with the Rams worth $750,000. He announced he would take that in Bitcoin.
At the time, Bitcoin was worth $64,293.
Today, it is worth $35,400.
Today, that deal is worth $412,953.
Odell will be taxed on $750,000. Federal & CA state tax will be 50.3% That means Odell, as of now, has netted $35,703 from the Rams contract this year.”
That same month, Green Bay Packers star Aaron Rodgers announced a similar tie-up with Cash App, saying he would receive part of his salary in Bitcoin.
Jacksonville Jaguar quarterback Trevor Lawrence also joined the crypto craze when he joined forces with investment app Blockfolio and placed his signing bonus into a cryptocurrency account.
Certainly, all of the players mentioned have more than enough money to recover any loses.