NFL star Odell Beckham Jr., who took his $750,000 salary in bitcoin back in 2021, is mocking the naysayers.
NFL star Odell Beckham Jr. he takes a victory lap, but not on the field. The Miami Dolphins player took to X, formerly Twitter, to celebrate bitcoin hitting $100,000 in early December.
Back in 2021 when he signed with the Los Angeles Rams, Beckham made a deal with Block Inc.'s Cash App to receive his $750,000 salary in bitcoin. The amount was $64,158 the day it converted, according to Action Network data cited by Morningstar. The website says that if he withdrew a total of $750,000 all at once from bitcoin, it would be worth about $1,168,900 at bitcoin's current value of about $100,000,
At the time, it was noted how this was not a wise financial decision due to the volatility of physical currencies. MarketWatch asked, “How much did it end up costing him?” Indeed, the world's most popular cryptocurrency has lost 74% of its value from November 2021 to November 2022, justifying the concerns of critics.
However, the recent rebound has pushed the pendulum in the other direction. “Soooo who said taking my Rams salary in bitcoin was dumb again?” Beckham posted on X in November.
While it is unclear whether the athlete held on to his bitcoin over the three-year period, it seems fair to assume that his gamble paid off. He also appears to have an endorsement deal with Cash App and last month tweeted, “I'm still working with @CashApp to take my salary in bitcoin.”
The story brings to mind graffiti artist David Choe's decision to take his $60,000 fee for painting Facebook's office on the tech giant's stock. That was back in 2005. In 2012, Facebook went public and Choe's stock options were worth more than $200 million, according to CNBC.
Sometimes long-term bets on assets that are considered risky can lead to enormous wealth creation. It can also be worse and more expensive, so always take the time to determine your risk tolerance level and maintain a diversified portfolio.
If you're a big believer in Bitcoin like Beckham, here's how you can invest.
Read more: The cost of living in America is still manageable – use these 3 'real assets' to protect your wealth today
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