Editor’s Note: After publishing this article, more information came to light. Trevor Lawrence received a signing bonus in crypto from an investment app. So his $24 million NFL signing bonus was not included, as was indicated by reports. Read on if you want to see our initial shock at the initial story that was widely reported.
Some NFL players embraced cryptocurrencies like Bitcoin with much enthusiasm that they asked for a portion of their salary to be converted into digital currency.
Unfortunately, prices have gone down with Bitcoin’s price falling drastically in the past few months.
It’s nowhere near the high prices that attracted more people to stockpile their online money.
Sadly, those who opted for Bitcoin in their contracts must be feeling the pinch, as shared by NFL insider Dov Kleiman.
A number of NFL players lost a lot of money on bitcoin, including Odell Beckham and Saquon Barkley. (@DavidFurones_)
— Dov Kleiman (@NFL_DovKleiman) June 22, 2022
He shared a list of sports stars who suffered the biggest salary losses and five of them are NFL players.
New York Giants running back Saquon Barkley asked for $10 million worth of Bitcoin in his contract back in July 2021.
Unfortunately, that value has gone down by 33.4 percent to $6.6 million since.
Odell Beckham Jr.’s $750,000 worth of Bitcoin has also taken a nosedive to $434,976.
Meanwhile, Russell Okung lost 60.9 percent of his Bitcoin value from $6.5 million to $2.54 million.
There’s also Sean Culkin who lost 61.6 percent from $920,000 to $353,099.
Trevor Lawrence Is The Biggest Loser
But those numbers are nothing compared to what Jacksonville Jaguars quarterback Trevor Lawrence lost.
On May 2, 2021, he had $24 million worth of Bitcoin, Ethereum, and Solana.
Since then, the value has gone down by 62.7 percent to $8.96 million.
It’s still a big amount compared to what the other players still have.
Unfortunately, there’s no indication of the prices either getting stabilized or going up.
The cryptocurrency market remains volatile and it can wipe huge sums of fortune away instantly.
While you have to commend that they are staying with the trends, it would still be better to take the money and not the cryptocurrency.
Advocates for Bitcoin and the likes continue to portray digital currencies as the future.
If that’s the case, the future isn’t looking bright for Lawrence, Okung, Beckham, and others.
They have no other option but to embrace what the market dictates, for better or worse.