Getting paid in bitcoin (BTC), an emerging trend in sports and politics in the United States. Many public figures, sports figures, etc., have started getting their salaries in bitcoin. This practice is unlikely to harm them. Some of them are howling their fingers today. However, all is not lost, and if the BTC knows a new hour of glory (and it will happen!), There is no doubt that the practice will become popular.
Those who received it as a payment method do not like Bitcoin (BTC) news
At its peak last year, bitcoin, the main cryptocurrency, was at $ 69,000. Since its collapse, 1 BTC is now trading at just under $ 20,000, down 70% in the last few months. And it was just last year, and Bitcoin and other cryptocurrencies skyrocketed, that celebrities, politicians, and especially athletes started jumping on the cryptocurrency bandwagon. Now is the time for them to grieve for their choice.
Saquon Barkley could lose a lot with BTC
New York Giants football player Saquon Barkley earns more than $ 10 million a year in marketing and endorsement markets. He said the funds would be in BTC instead of going to his bank account. If Barkley invested its entire $ 10 million in bitcoin in mid – July 2021, around the time it was announced, it would suffer a huge loss. It was worth about $ 33,000 BTC at the time, so its $ 10 million investment is now worth about $ 6 million. If Saquon Barkley made money in November 2021, its total investment would be worth almost $ 21 million, an incredible 110% increase in just four months.
Odell Beckham Jr. announced that he has received his salary in bitcoins (BTC)
Odell Beckham Jr., a receiver for the Los Angeles Rams, announced in November that he would receive his NFL salary in bitcoins through a partnership with the payment service’s Cash App. Quarterback Aaron Rodgers also partnered with Cash App and earned much of his salary in bitcoins. The one-year contract would have a maximum value of $ 4.25 million, with a base salary of $ 750,000. While there are many caveats and anonymities regarding Beckham’s payment status and cryptocurrency investment, if one assumed he kept his $ 750,000 base salary, it would still be a significant loss. When he signed up with the Rams, bitcoin was approaching all-time highs at around $ 64,000. At the end of June 2022, his basic salary of $ 750,000 was only worth about $ 234,000 if he traded it for cash, a decrease of almost 70% in value.
Athletes are not the only ones who have agreed to receive their salaries in bitcoins. After Miami Mayor Francis Suarez announced he would be getting his next paycheck100% bitcoins, ”was passed by newly elected New York Mayor Eric Adams and said he would receive his first three payment checks in the form of a combination of bitcoins and ether. This trend of accepting bitcoins as a payment method has probably declined in some circles like sports or politics in recent times. The recent cryptocurrency crisis will be quite discouraging and we will have to wait that the price will rise and stabilize before reviewing such practice to be widespread.
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A student passionate about entrepreneurship and interested in the technologies behind cryptos! Yes, I’m sure the two are closely linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.