Cryptocurrencies are here to stay, and the sports industry has joined this investment trend, which reflects a risky bet for those who choose to invest in tokens like Bitcoin or even get paid in this digital currency.
The uncertainty of digital currency is important in understanding the impact of athletes who are paid in cryptocurrencies, either as a whole or as a portion of their salary or bonuses.
Bitcoin had a record value of $69,000 in November 2021, but increasing interest rates and traditional stocks had a powerful indirect effect on cryptocurrencies, causing the price of BTC to fall by nearly half, though it has recently begun to recover.
Despite the risk of losing a significant portion of their money, an increasing number of athletes, including these, are requesting that their salaries or bonuses be paid in bitcoins.
Mr. Saquon Barkley
The New York Giants running back, who garners more than $10 million in endorsement, marketing, and advertising deals, decided to convert all of his earnings into bitcoin to multiply his wealth for future generations.
Odell Beckham Junior
The Los Angeles Rams wideout announced in November, in collaboration with payment service Cash App, that the quantity he obtains for his one-year contract with this year's Super Bowl champion team, $4.25 million with a base pay of $750,000, will be paid in bitcoins.
The Jacksonville Jaguars' first-round pick in the 2021 NFL Draft decided last April to deposit his $24 million signing-on fee into the cryptocurrency app Blockfolio.
Following the collaboration with Crypto.com, UFC fighters will receive a bonus of $30,000, $20,000, and $10,000 in bitcoin (BTC) for the first, second, and 3rd spot in each pay-per-view event, as voted on by fans worldwide.
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