National Football League player Russell Okung shocked many in the sports world when he announced that he would receive half of his 2020 salary in Bitcoin BTC/USD, marking a first for North American sports.
Here's a look back at the deal and how much Okung's stake could be worth today.
What Happened: Carolina Panthers offensive tackle Okung became the first athlete of the four North American major sports leagues to announce a portion of his salary would be paid in Bitcoin. Several other athletes followed suit.
In 2019, Okung said that he wanted to be paid in Bitcoin and cited the corrupt money system and inequalities inherent in fiat currency.
"Money is more than currency; it's power. Getting paid in bitcoin is the first step to opting out of the corrupt, manipulated economy we all inhabit," Okung said at the time.
Okung partnered with Zap, a company whose Strike product was used to help convert 50% of his salary to Bitcoin.
While the National Football League and National Football League Player's Association had to sign off on the deal, the NFL and Okung's team the Carolina Panthers did not directly pay his salary in Bitcoin.
Instead, Zap converted 50% of Okung's $13 million salary to Bitcoin. The NFL regularly pays athletes on a weekly basis during the season.
Asked by a user on social media why he wasn't having 100% of his salary converted to Bitcoin, Okung said his wife wasn't "fully on board yet."
The 2020 NFL season ended up being the last for Okung, who missed a portion of the season due to injuries. Okung played 11 NFL seasons with stints for the Seattle Seahawks, Denver Broncos, Los Angeles Chargers and Carolina Panthers.
The NFL player won a Super Bowl with the Seahawks and was a two-time Pro Bowler.
For many people outside of sports, Okung will be best remembered for his passion for Bitcoin and becoming a trailblazer with his 2020 salary.
Related Link: Bitcoin Crosses $60,000: Is The Crypto Winter Officially Over?
Okung's Bitcoin Salary: While it is unknown exactly when Okung began having his salary converted to Bitcoin, the announcement was made in December, leaving uncertainty about whether 50% of the full $13 million amount was indeed converted.
For the purpose of this article, we assume that 50% of the $13 million, or $6.5 million, was converted to Bitcoin. We also use the intraday high of $27,370.72 on Dec. 29, 2020 as the price used for the conversion, even though multiple conversions may have been made throughout the 2020 season.
Based on those assumptions, Okung's $6.5 million portion of his salary converted to Bitcoin could have bought 237.4801 BTC.
The $6.5 million purchase would be worth $16,149,663.21 today based on a price of $68,004.28 for Bitcoin at the time of writing.
The $13 million salary Okung made in 2020 was tied for the most he made annually with the 2019 season.
According to Spotrac, Okung made $108.9 million in 11 seasons, including salary and bonuses.
Today, Okung continues to support Bitcoin with posts on social media.
"I won't sugarcoat it. I'm not going to advise you to HODL and struggle to pay your bills. Those who tell you to do so often have multiple fiat income streams. Find ways to earn what you need while you build and create value in and on Bitcoin," Okung recently tweeted.
It is unknown how much Bitcoin Okung owns today.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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