NFL star Odell Beckham Jr. he is taking chances to win, but not on the field. The Miami Dolphins player took to X, formerly Twitter, to celebrate bitcoin’s $100,000 hit in early December.
Back in 2021 when he signed with the Los Angeles Rams, Beckham made a deal with Block Inc.’s Cash App to receive his $750,000 salary in bitcoin. The price was $64,158 on the day he changed it, according to The Action Network data reported by Morningstar. The website says that if he transferred the entire $750,000 at once in bitcoin, that would be $1,168,900 per bitcoin available at around $100,000.
At the time, it was realized that this would not be a wise financial decision due to the volatility of the real currency. MarketWatch asked, “how much did it end up costing him?” Indeed, the world’s most popular cryptocurrency lost 74% of its value from November 2021 to November 2022, justifying some of the critics’ concerns.
However, the recent rebound has pushed the pendulum the other way. “Soooo who said taking my Rams salary in Bitcoin was dumb again?” Beckham posted on X in November.
While it is unclear if the player held onto his bitcoin within three years, it seems safe to assume that his gamble paid off. He also reveals that he has a contract with Cash App and last month tweeted, “I’m still working with @CashApp to get my salary in bitcoin.”
The story is reminiscent of the decision of graphic designer David Choe to take his $60 million fee to paint Facebook’s office in the tech giant’s stock. It was back in 2005. In 2012, Facebook went public and Choe’s options were worth more than $200 million, according to CNBC.
Sometimes making long bets on things that are considered risky can lead to huge profits. It can also be the worst and the most expensive, so always take the time to determine your own risk tolerance level and maintain a diversified portfolio.
If you have as much faith in Bitcoin as Beckham, here’s how you can make money.
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