Nearly three years have passed since NFL wide receiver Odell Beckham Jr. revealed he would receive his salary from the Los Angeles Rams in Bitcoin. His decision to veer away from getting paychecks in traditional currency raised some questions at the time.
Beckham’s 2021 base salary of $1.25 million, along with another $3 million available in incentives, was converted to Bitcoin. Beckham, who currently plays for the Miami Dolphins, is now taking a victory lap as the value of Bitcoin continues to skyrocket.
“Soooo who said taking my Rams salary in bitcoin was dumb again,” Beckham wrote on his X, the company formerly known as Twitter, account on Wednesday.
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In May, Beckham signed a one-year contract with the Dolphins, worth an estimated $8.25 million. It is unclear whether he is receiving his current salary in Bitcoin.
CRYPTO INDUSTRY ELECTION SPENDING TALLIES AT LEAST $238M, SURPASSING TRADITIONAL GIANTS
The cryptocurrency has been climbing in the days following the U.S. presidential election, and has now reached a record-high mark on exchanges.
On Wednesday, Bitcoin topped $90,000 — a first for the cryptocurrency. The recent Bitcoin surge is a reflection of investor excitement about what is being described as a possible crypto renaissance during Donald Trump’s second term in the White House.
Bitcoin prices have risen around 30% since Trump reached the 270 electoral votes threshold to win the presidency. According to The Associated Press, U.S. Vice President Kamala Harris secured 226 electoral votes, while Trump won 312 electoral votes.
Cryptocurrencies also played a role in other races that were on ballots across the U.S. on Nov. 5. Several super PACs backing congressional races were funded by cryptocurrencies.
Beckham is not the first NFL player to opt into Bitcoin. In 2020, Russell Okung elected to have a portion of his salary paid out in Bitcoin.
While the crypto market is thriving today, it has been historically volatile. In 2022, Terra suffered an estimated $45 billion loss in market cap in just one week.
Courts granted approval to Terraform Labs in September to begin shutting down operations in bankruptcy after reaching an agreement to settle a U.S. Securities and Exchange Commission lawsuit which accused the company of defrauding its investors.
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FTX also collapsed around two years ago after the company’s co-founder and business partner became embroiled in a wide-ranging fraud scandal.
