Miami Dolphins wide receiver Odell Beckham Jr. made headlines in 2021 when he decided to convert his salary from the Los Angeles Rams into Bitcoin.
His contract with the Rams included a base salary of $750,000, a $500,000 signing bonus, and up to $3 million in incentives, which Beckham earned after winning the Super Bowl with the team.
Beckham announced in November of that year that he would take the base salary in Bitcoin. The decision was made in partnership with Cash App.
While things didn’t always look great regarding that move, Beckham is certainly riding high today. If he actually kept that money in there, that is.
The Crypto Surge
Critics of Odell Beckham’s decision to convert his salary to Bitcoin were initially seemingly right. They pointed out that the move could lead to significant financial loss due to Bitcoin’s volatility, especially considering tax implications would be based on the higher initial value.
Beckham purchased the Bitcoin when the price was around $64,293. It dropped, however, and, according to Marketwatch, “Beckham’s $750,000 converted salary was worth just $401,500.”
Bitcoin today, after experiencing an explosion post-election, is now sitting at roughly $89,000.
“It isn’t known if Beckham moved the $750,000 sum all at once into Bitcoin or spread it out over multiple conversions, so it’s difficult to pinpoint the exact dollar figure for Beckham’s 2021 crypto salary,” Marketwatch reports.
“But if he did the former, it would be worth $1,052,000 as of Nov. 13.”
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Odell Beckham Loving His Bitcoin Investment
Beckham did a little bit of gloating over his Bitcoin investment, discussing the matter on the X social media platform.
“Soooo who said taking my Rams salary in Bitcoin was dumb again?” he asked followers after it had jumped to over $92,000.
Soooo who said taking my Rams salary in bitcoin was dumb again? 🤔🤫😌 pic.twitter.com/7ZPJtRm2gG
— Odell Beckham Jr (@obj) November 13, 2024
Of course, crypto remains highly volatile and there is no telling how long the current price increase will last. Not to mention the taxes he paid upon purchase, not to mention the capital gains taxes he’d have to pay if he sold.
Beckham signed a one-year contract with the Dolphins for $3,000,000 but found himself on the injury list in early October.
Since his return, he’s played two games and contributed 5 catches for 32 yards.
More about:NFL News
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