With the price of Bitcoin and other cryptocurrencies continuing the plummet, a lot of investors are taking a big hit to their overall wealth. Some athletes, who make insane amounts of money through their playing contracts and endorsement deals, are feeling the pinch as well.
Last year, New York Giants running back Saquon Barkley decided to convert $10 million in endorsement money he received from Pepsi and Nike into Bitcoin. At the time it seemed like a good idea, as Bitcoin prices were at an all-time high. Fast forward just one year later and that ten mill has now been cut by more than half. Ouch!
Barkley is not alone here. In 2020, Offensive Tackle Russell Okung requested that half of his $13 million dollar contract with the Carolina Panthers be paid in Bitcoin, becoming the first NFL player to get a portion of his salary in crypto. Also, like Barkley, Jacksonville Jaguars quarterback Trevor Lawrence has taken a huge amount of endorsement money in cryptocurrency.
Saquon is entering the final year of his rookie contract and is set to become a free agent after this upcoming season. Barkley needs to have a great season in order to secure his next big contract.
Hopefully he decides to take good old fashion cash when he signs his next deal.