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Cryptocurrencies and Sports

May 11, 2021
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There is no debate that over the last couple of months, cryptocurrency has received a lot of attention among investors. Following the trend of higher prices, NFL players have also taken notice of the crypto market.

NFL offensive lineman, Russell Okung opted for around $6 million of his salary to be converted into bitcoin. The Carolina Panthers did not pay Okung directly in bitcoin, but sent his salary to Strike to make the conversion. At the time, bitcoin had a price of about $27,000 (CNBC). Some consider Okung the highest paid player in the NFL after the price surge in bitcoin. (NBC Sports)

In addition, Trevor Lawrence decided to convert his signing bonus into various forms of cryptocurrency, including Bitcoin, Ethereum, and Solana. His signing bonus is estimated by Spotrac to be around $24.1 million. There is no telling how much wealth Trevor Lawrence will amass in his career. In the meantime, Trevor Lawrence has to toss a lot of touchdowns to prove that he is worthy of the #1 overall pick in the 2021 NFL draft. (Bitcoin)

Sean Culkin, the Kansas City Chiefs tight end has opted to take his entire $920,000 salary in bitcoin. Culkin will be the first NFL player to convert his entire salary to bitcoin (Coindesk).  We all know that the NFL stands for “not for long”. Hopefully Sean Culkin is in the financial position where he can afford the risk that he is taking (as we were editing this blog, Culkin was cut and will not be earning any salary from the NFL in any currency).

Will we see more athletes continue this trend in hopes of achieving long-term prosperity? The future will determine whether we are in a crypto-crazed bubble. Maybe this will be a case study for athletes in the future; in the meantime, we can only speculate what will happen.

 

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