Would you have the courage (or cunning) to receive half your salary in Bitcoin?
Russell Okung chose to have half of his salary paid in Bitcoin, and his choice proved to be a good one, given the rising price of Bitcoin. In fact, the NFL athlete was the first athlete in the world to announce at the end of December that half of his salary would be paid in Bitcoin. That was on December 30, 2020 and Bitcoin was worth about $ 27,000. Today that figure has almost doubled, so it’s safe to imagine that half of Russell Okung’s salary paid at BTC is now worth more as well.
Joe Pompliano, journalist and brother of Anthony Pompliano did the math:
Russell Okung announced in December he was converting half of his $ 13M salary into Bitcoin.
Bitcoin was $ 27,000.
Now, with the price at $ 61,000, @RussellOkung turned his $ 13M annual salary into over $ 21M.
This increase makes Okung one of the 30 highest-paid NFL players today. pic.twitter.com/xXX970Ng8H
– Joe Pompliano (@JoePompliano) March 13, 2021
Russell Okung announced in December that he was converting half of his $ 13 million salary into Bitcoin.
Bitcoin cost $ 27,000.
Now, priced at $ 61,000, @RussellOkung has transformed his $ 13 million annual salary into more than $ 21 million.
That makes Russell Okung one of the 30 highest-paid players in the NFL. ”
This increase makes Okung one of the 30 highest-paid players in the NFL today. In practice, Russell Okung was supposed to receive an annual salary of $ 13 million, but with the price of Bitcoin rising to $ 61,000, his pay potentially increased to $ 21 million.
For Anthony Pompliano, this choice will make him one of the smartest investors in professional sports.
Meanwhile, another user points out that being paid every fortnight, Russell Okung is simply exposed to the volatility of Bitcoin’s price. Joe Pompliano’s reasoning would have been correct if Russell Okung had been paid in full and not in installments. But the concept remains the same: half of the salary paid in Bitcoin over time has grown in value.
Russell Okung and Bitcoin
Russell Okung seems quite convinced of his choice to be paid in Bitcoin. Reading his tweets, his support for BTC is evident, as well as a desire to retaliate against those who blame him for the unusual way he chose to be paid. For example, on March 13, he tweeted:
There is a #Bitcoin price to ignorance.
60k and counting.
– russ 💯 (@RussellOkung) March 13, 2021
“Ignorance has a price.
60k Bitcoin and counting ”.
In another later tweet, he declared that Bitcoin will restructure the global financial system to make it sustainable. And again on the same day he announced:
“Bitcoin fractions will be all that will be left.”
In short, Russell Okung believes strongly in Bitcoin, which justifies his choice to receive his salary in BTC.