CBx Daily

Russell Okung’s NFL Bitcoin Contract Creates A New End Zone

Jan 11

By Chika Dunu

  • NFL lineman Russell Okung will receive half of his $13M salary in Bitcoin
  • Bitcoin breaks $32,000 as the 2020 surge continues into the new year

Carolina Panthers lineman Russell Okung’s Twitter bio reads the following: “life, liberty, and #bitcoin.” As a staunch bitcoin backer he’s been asking for his lucrative NFL contract to be paid in BTC since May 2019. Now more than a year later after he tweeted “Pay me in Bitcoin." his request was granted. Well, sort of, Okung will receive half of his $13 million salary in BTC which is trading at more than $32,000.

Why This Matters: Let’s break down exactly how this plays out for Okung: he will receive his $13 million earnings in U.S. dollars, but half of his salary, $6.5 million will then go to Strike, a crypto payment startup. Strike will then convert his takings into BTC, according to a report by Cointelegraph.

Half of his salary, $6.5 million will then go to Strike, a crypto payment startup

Okung, who’s the Panthers’ highest-paid player this season, is empowered by the opportunity. “Money is more than currency; it’s power,” said the 32-year-old in a statement via CNBC. “The way money is handled from creation to dissemination is part of that power. Getting paid in bitcoin is the first step of opting out of the corrupt, manipulated economy we all inhabit.”

Even Brooklyn Nets player Spencer Dinwiddie wants to partake. In January 2020, Dinwiddie, a cryptocurrency enthusiast, tokenized his NBA $34 million contract after intense pushback from the league. Dinwiddie offered tokenized shares in his contract, which received a lackluster reception. His goal was to sell 90 shares worth $13.5 million but only raised 10%of its target. However, Dinwiddie isn’t deterred by the paltry turnout. He’s set to launch Calaxy, a blockchain-based app for influencers very soon.

What’s Next: Bitcoin could top $140,000 this year on the basis of current trends, according to JPMorgan. In spite of its price volatility and government deregulation, it appears that Bitcoin’s surge has shown cryptocurrency is becoming more cohesive with the traditional financial industry.

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