Author: Zen, PANews
Recently, retired NFL player Russell Okung reposted an old report from Bleacher Report on the X platform about his acceptance of salary in Bitcoin, captioning it: "Society wants to tame you, hoping you become predictable. But greatness requires wildness."
This tweet quickly garnered millions of views, and as Bitcoin broke the $90,000 mark, many began to realize how correct Okung's controversial choice was at the time.
In North American sports, there are many celebrities and athletes like Okung who are passionate about Bitcoin. For instance, a 2019 report by BR mentioned that NFL quarterback Matt Barkley had requested to be paid in Bitcoin by the San Francisco 49ers and Cincinnati Bengals, but both requests were denied. Notably, Barkley played for these two teams from 2017 to 2018, a time when Bitcoin was far from mainstream acceptance. Now, investing in Bitcoin has become commonplace, and there have been precedents for directly converting salaries into Bitcoin in both the NFL and NBA.
This article by PANews will review well-known NFL and NBA players who are actively investing in the cryptocurrency market, with information sourced from their public statements or overseas media reports. While they have reaped substantial returns in the crypto industry, they have also promoted the popularization of cryptocurrency through their actions and words.
Spencer Dinwiddie
Despite having played for multiple teams this year and experiencing a decline in performance, Dallas Mavericks guard Spencer Dinwiddie has likely seen significant gains from his cryptocurrency investments off the court. This "cryptocurrency pioneer" in the NBA was first introduced to Bitcoin in 2014 by a friend working in finance. However, due to the many horror stories of failed investments in the NBA, the then 21-year-old rookie with a salary of only $1 million was hesitant to dive in and opted for more traditional and stable real estate investments instead.
In December 2016, Dinwiddie signed a three-year, $2.9 million contract with the Brooklyn Nets, at which time the price of one Bitcoin was about $775, and it had already doubled by the end of the regular season. During that season, Dinwiddie finally proved his worth and solidified his position with the Nets, while also deciding he didn't want to miss out on Bitcoin's price growth any longer. In the fall of 2017, as the new NBA season began, Dinwiddie started closely monitoring his investments. Before games, while most players were busy getting into "the zone," he would open the cryptocurrency trading app Coinbase in the locker room to observe and study the market. As he began to deliver the best performances of his career, Bitcoin's price also skyrocketed, tripling by the end of the year to reach $15,000. Additionally, he started researching some relatively lesser-known tokens at the time, such as Tron, from which he earned a fivefold return upon exiting.
By December 2018, after nearly achieving All-Star performance, Dinwiddie received a three-year, $34.36 million contract extension from the Nets. The following year, despite facing resistance from the NBA, Dinwiddie converted his contract into an investment tool called Dream Fan Shares, through which he aimed to sell 90 SD8 tokens or Professional Athlete Investment Tokens (PAInT), but ultimately only sold 10%, far below the $13.5 million target. Furthermore, Dinwiddie co-launched the creator social marketplace Calaxy, which has raised at least $33.5 million.
In October of last year, during an interview with renowned sports journalist Michael Scotto, Dinwiddie discussed his post-retirement plans, stating that Calaxy's current valuation is in the nine figures, and if it reaches ten figures in the next cycle, he would "fully enjoy retirement." (Some Chinese sports media mistakenly interpreted this as Dinwiddie disclosing that he owns over $100 million in cryptocurrency assets.) However, even if Dinwiddie does not receive his salary in Bitcoin as rumored, and has never actively disclosed that his cryptocurrency assets exceed nine figures, as an early investor in Bitcoin and cryptocurrency, his returns over the years must be substantial.
Klay Thompson & Andre Iguodala
Left: Andre Iguodala, Right: Klay Thompson
Dinwiddie's current teammate, Klay Thompson, who recently joined the Dallas Mavericks, is currently the most prominent player publicly supporting the receipt of part of his salary in Bitcoin. This former All-Star shooting guard, known for his partnership with Stephen Curry as the "Splash Brothers," stated in a tweet: "I invest in Bitcoin because I believe it is the future of currency."
In January 2022, after suffering from anterior cruciate ligament and Achilles tendon injuries and being away from the court for two and a half years, Klay finally announced his return. Perhaps during his recovery and rehabilitation, Klay was recommended by teammate Andre Iguodala. Upon Klay's return, both announced a partnership with Cash App, converting part of their salaries into Bitcoin and donating $1 million worth of BTC to fans. Iguodala tweeted: "I converted part of my salary into Bitcoin using Cash App! Bitcoin is the future, and Klay Thompson and I are believers in Bitcoin."
That season, Klay's contract income was approximately $40 million, while the details of Iguodala's veteran minimum contract were not disclosed, but it was estimated to be around $3 million. However, as a well-known tech investor in the NBA, Iguodala had already reaped substantial returns through venture capital, giving him the confidence to convert all his income for that season into Bitcoin. According to Buy Bitcoin Worldwide, Iguodala received $2.647 million of his salary in Bitcoin. Klay, who was "led into the door" by Iguodala, should also hold at least a similar magnitude of Bitcoin assets.
Cade Cunningham
Detroit Pistons star Cade Cunningham joined the NBA as the first overall pick in 2021. This mature and highly intelligent rookie seems to have a keen insight into investment and finance as well. Before the season started, he announced an exclusive multi-year partnership with BlockFi. As part of the collaboration, BlockFi would provide Cunningham with a signing bonus paid directly in Bitcoin to his BlockFi account. "What interests me about cryptocurrency is its usability, democracy, and consensus basis, as well as its ability to evolve over time to meet the changing needs of financial consumers, including myself," Cunningham stated in a press release.
After the FTX collapse led to BlockFi's bankruptcy, many recalled Cunningham's business partnership with the latter. According to Crain's Detroit Business, a source familiar with the partnership stated that the amount of Bitcoin bonus Cunningham received was quite small, negligible compared to the cash endorsement fees he received from BlockFi. Since then, there have been no further updates on Cunningham's cryptocurrency investments. In fact, compared to his five-year, $224 million maximum contract extension with the Pistons, any potential 2 to 3 times return in Bitcoin would indeed be insignificant.
Tyrese Haliburton
At the beginning of this year, during the annual NBA All-Star Weekend, Coinbase held an event called "moonshot," where Indiana Pacers star point guard Tyrese Haliburton was interviewed by CoinDesk while attending the event. He mentioned that he had heard about Bitcoin a few years ago while in college, and that Dinwiddie was the first in the NBA to express an opinion on it. "The first cryptocurrency I got involved with was Ethereum because that was the blockchain I used for NFTs, so I invested a lot in Ethereum. I want to get into Bitcoin because it’s the blue-chip stock of cryptocurrencies."
Haliburton stated that due to his personal schedule, he wouldn’t engage in day trading, but his brother often does. "So I can imagine taking a large sum from my contract and giving it to my brother to day trade while I keep an eye on the market's downturn. I can definitely see that as a possibility for me." Haliburton indeed has the potential to do this—last July, the All-Star guard signed a five-year contract with the Pacers worth up to $260 million.
Scottie Pippen
In July of this year, Scottie Pippen entered the cryptocurrency space. The NBA legend who helped Jordan build the Bulls dynasty first teased on social media and later launched the fan token Game 5 Ball ($BALL) on the Ethereum blockchain in August, which is tied to the basketball used in Game 5 of the 1991 NBA Finals. Shortly after the token was issued, on-chain detective ZachXBT discovered that the developer wallet that created the token contract sold off nearly $330,000 worth of the token supply almost immediately after the launch, sparking strong backlash from the community. As of November 19, the circulating market cap of $BALL was approximately $5.6 million.
It is worth mentioning that although Pippen faced criticism and ridicule for his actions surrounding Game 5 Ball, he "unexpectedly" almost predicted the surge in Bitcoin. In September of this year, Pippen tweeted that Satoshi told him in a strange dream that Bitcoin's price would reach $84,650 on November 5. Ultimately, on November 5, Bitcoin's price was close to $70,000, and a week later, it indeed approached $85,000.
Russell Okung
At the end of 2020, Russell Okung, who joined the Carolina Panthers, announced that he would receive half of his $13 million salary in Bitcoin. However, according to a report by tech media The Verge, the Carolina Panthers confirmed to the media that all teams pay player salaries in U.S. dollars. The article also stated that Okung's move might have been to promote the Bitcoin Lightning Network payment company Zap, which allows anyone to receive their salary "in Bitcoin" at any time.
Eventually, Okung and Strike, a subsidiary of Zap, announced a partnership that would enable him to receive part of his salary in Bitcoin. Six months later, when Bitcoin's price surged to $60,000 and then quickly fell, he stated that he would not sell his Bitcoin even if the crypto market declined, and he has not publicly disclosed his investment strategy since. Speculation suggests that if Okung still holds the 240 Bitcoins he purchased with half of his 2020 salary, those Bitcoins would be worth over $20.9 million today.
Trevor Lawrence
In April 2021, newly drafted NFL first overall pick Trevor Lawrence signed a deal with FTX to promote the company's investment app Blockfolio. FTX stated that this was the first deal where the "signing bonus was paid entirely in cryptocurrency." According to USA TODAY, Lawrence's portfolio includes mainstream cryptocurrencies like Bitcoin and Ethereum, and he has also invested in the Solana blockchain.
In June 2022, as the crypto market entered a bear phase, rumors circulated on social media that Lawrence had converted his entire $24 million signing bonus into cryptocurrency and lost $15 million. Lawrence later denied this on Twitter, stating that people were confusing the NFL first overall pick's $24 million signing bonus with the signing bonus from FTX. According to Bloomberg, the bankruptcy filing of an FTX affiliate stated that Lawrence received a payment of $500,000 in September 2022. Other athletes who have been sued for endorsing FTX include Tom Brady, Stephen Curry, Shaquille O'Neal, Naomi Osaka, and Shohei Ohtani, but these wealthy top athletes seem uninterested in this emerging field and have not disclosed any cryptocurrency-related investments.
Saquon Barkley
"We see inflation, and we realize that wealth cannot be preserved. That's why I want to use Bitcoin for my marketing funds." In July 2021, while guesting on the new YouTube show "Best Business Show" by Pomp Investments founder Anthony Pompliano, New York Giants star running back Saquon Barkley announced that he would work with Strike to have all his future endorsement contracts paid 100% in Bitcoin. Barkley has endorsement deals with well-known brands like Nike, Toyota, and Pepsi. Pompliano analyzed that Barkley's endorsement fees "exceed $10 million annually."
Aaron Rodgers
On November 21, 2021, quarterback Aaron Rodgers tweeted that he had partnered with Square's CashApp to convert an undisclosed portion of his 2021 salary into Bitcoin. Similar to the actions of Klay and Iguodala mentioned earlier, Rodgers also announced that he would donate $1 million worth of Bitcoin. At that time, the 37-year-old player had signed a four-year, $134 million contract with the Green Bay Packers, averaging $33.5 million per season.
Odell Beckham Jr.
"Who still says it was stupid for me to receive my salary from the Rams in Bitcoin?" On November 14, after Russell Okung celebrated the surge in Bitcoin, Odell Beckham Jr. also publicly responded to past doubts on X.
On November 22, 2021, wide receiver Odell Beckham Jr., playing for the Los Angeles Rams, tweeted that he would collaborate with CashApp to receive his new full salary in Bitcoin. Beckham's contract with the Rams included a base salary of $750,000, a signing bonus of $500,000, and $3 million in incentives, and since he won his first Super Bowl with the team, Beckham ultimately earned that substantial bonus.
Sean Culkin
Kansas City Chiefs tight end Sean Culkin was the first NFL player to announce that he would convert all of his salary into Bitcoin. In April 2021, ESPN reported that Culkin was signed by the Chiefs in February under a reserve/future contract and planned to convert his entire $920,000 salary into Bitcoin. Culkin stated, "I want to do this because I believe Bitcoin will continue to rise in the long term," adding, "In the long run, it is a store of value. The reason Bitcoin is so hard to tame is because of its scarcity. If you look back in history, you will find that it appreciates over time."
However, a month after Culkin announced this plan, he was cut by the Chiefs. Since such contracts are typically non-guaranteed, he may not have received any remaining salary. He has not played for any team since then. However, from his laser-eyed avatar and the background image of him wearing a bitcoin letter jersey on his X platform, it is clear that Culkin is indeed one of the few Bitcoin loyalists among athletes.
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