Former NFL player Okung turns $6.5M Bitcoin salary into $21M amid crypto surge
$6.5M Bitcoin salary into $21M amid crypto surge
These days, as Bitcoin reaches new record highs, media attention is focused on Bitcoin enthusiasts who believed in the potential of digital assets and are now celebrating their success alongside Bitcoin.
Benzinga recalled that former National Football League (NFL) player Russell Okung was the first athlete in the four major North American sports leagues to announce that part of his salary would be paid in Bitcoin.
In 2020, Okung surprised many of his teammates, sports agents, and financial advisors by stating that he wanted half of his salary in Bitcoin.
Most people thought it was a joke, but per Okung’s request, the Carolina Panthers transferred half of his $13 million salary to the company Zap, which converted it into Bitcoin.
A good solution
The 2020 NFL season ended up being Okung's last. Before that, he played 11 years in the NFL, with teams like the Seattle Seahawks, Denver Broncos, Los Angeles Chargers, and Carolina Panthers, but had to leave the sport due to injuries.
However, as Benzinga calculated, the $6.5 million converted into Bitcoin at 2020 prices provided Okung with over 237 BTC, which at current prices has turned into $21 million.
According to Spotrac, Okung earned nearly $109 million over 11 seasons, including salary and bonuses. Thus, the Bitcoin payments account for nearly one-fifth of Okung’s total career earnings.
As we wrote, Germany's sale of 50,000 bitcoins in July at $53,000 resulted in a significant profit loss. At the time of the sale, this price seemed reasonable, aligning with the market average and brought the country $2.8 billion.
However, with Bitcoin is currently worth around $90,000, that decision has effectively cost the German government a staggering $1.7 billion in potential profits.
