Odell Beckham Jr. has become a cautionary tale for NFL players seeking to cash in on the latest cryptocurrency trends. Beckham signed a deal with the Los Angeles Rams on November 12, 2021 forth over $750,000. The wideout elected to take his payment in Bitcoin.
Cryptocurrencies have become a huge topic of discussion online. Many tech-savvy investors have been able to make a fortune mining and selling the blockchain-based online money. A lot have also lost their life savings after diving into something they didn’t fully understand.
Beckham received his contract in Bitcoin payments, following the lead of Packers QB Aaron Rodgers. At the time he signed with the Rams, one bitcoin was worth $64,293, according to Darren Rovell. A massive crash in the crypto markets brought that value to $35,300.
If Beckham kept his money in Bitcoin, that means his contract is now worth $412,953. Odell will be taxed based upon the value of his deal in official US currency. That means he’ll pay 50.3% on $750,000 in earnings.
The net value of that $750,000 contract after taxes is $35,703. That’s not counting any future dips in the Bitcoin market. That is a huge sum of money to give up.
A Super Bowl victory would likely get the bitter taste out of Odell Beckham Jr.’s mouth. The Rams defeated Tom Brady and the Tampa Bay Buccaneers this week in an NFL Divisional Playoff matchup that came down to the last seconds. Odell may have lost a ton of money on Bitcoin, but a Super Bowl victory never loses its value.
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