decrypt.co
Odell Beckham Jr. is having the last laugh about his Bitcoin bet in 2021. The Miami Dolphins wide receiver took to social media Wednesday to remind everyone about his decision to receive his $750,000 Rams salary in Bitcoin three years ago.
"Who said taking my Rams salary in Bitcoin was dumb again?" Beckham said Wednesday afternoon as Bitcoin traded above $90,000, which is a nearly 40% gain from when he made the conversion at $64,293 back on November 12, 2021.
Reading that tweet immediately draws flashes of an iconic intro from rapper Chamillionaire: "They see me rolling,' they hatin’"
While Beckham's representatives haven't confirmed if he's held onto his entire Bitcoin position, his social media victory lap suggests he stuck with his conviction through the market's ups and downs. Any profits would face capital gains tax if sold, on top of the income tax likely paid on the initial salary.
The NFL star's crypto holdings were converted through a deal with Block Inc.'s Cash App in November 2021.
While his investment took a beating during the crypto winter of 2022, dropping to $401,500 at one point, this year’s rally has put him firmly ahead, despite his decision being called out as a "cautionary tale" during the bear cycle.
Beckham isn't alone in the crypto-athlete club. Former Carolina Panthers player Russell Okung made waves in 2020 by converting $6.5 million of his salary to Bitcoin at $27,000 — a stake worth over $20.9 million today.
Other sports stars like Tom Brady, Saquon Barkley, and Trevor Lawrence have dabbled in crypto compensation through various deals and endorsements.
In terms of compensation in crypto, jobs in the crypto industry continue to see an uptick as more companies continue to hire and scale their projects.
Data from Tiger Research shows that the crypto industry's momentum extends beyond price action, with global Web3 job postings surging nearly 20% year-over-year following the US SEC's approval of Bitcoin ETFs in January 2024.
Asia leads the employment surge, with Singapore, India, and Hong Kong emerging as key hiring hubs.
Companies have "started accelerating hiring," and most of these companies pay either partially or in full with "tokens, ETH, and often BTC," Raman Shalupau, founder and CEO of CryptoJobsList, a prominent job portal for the crypto industry, told Decrypt.
The surge in crypto values follows Donald Trump's election victory and his dramatic shift from crypto skeptic to advocate, promising to make the US "the crypto capital of the planet." Bitcoin has jumped 139% over the past year, while Ethereum is up 55% to $3,100.
Edited by Sebastian Sinclair