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Odell Beckham Jr.’s Bitcoin Salary Bet Pays Off Amid Crypto Rally

Miami Dolphins wide receiver Odell Beckham Jr. is relishing in the fruits of his bold financial move back in 2021. Beckham made headlines when he opted to receive his $750,000 Rams salary in Bitcoin, a decision that was met with skepticism by many. However, the football star took to social media on Wednesday, basking in the success of his Bitcoin bet as the cryptocurrency soared above $90,000 – a nearly 40% gain from when he made the conversion at $64,293 in November 2021.

Beckham’s tweet, playfully challenging the naysayers, was reminiscent of an iconic line from rapper Chamillionaire: “They see me rolling,’ they hatin’”. While his representatives have not confirmed whether Beckham has maintained his entire Bitcoin position, the tone of his social media posts suggest that he weathered the market’s volatility and remained steadfast in his investment.

The conversion of Beckham’s salary was facilitated through a deal with Block Inc.’s Cash App. Despite the value of his investment plunging to $401,500 during the 2022 crypto winter, this year’s rally has vindicated Beckham’s crypto gamble, silencing critics who had labeled his decision a “cautionary tale” during the bear cycle.

Beckham is part of a growing club of athletes embracing cryptocurrencies. Russell Okung, a former Carolina Panthers player, saw his $6.5 million salary converted to Bitcoin at $27,000 in 2020, now worth over $20.9 million. Other sports figures such as Tom Brady, Saquon Barkley, and Trevor Lawrence have also explored crypto compensation through various deals and endorsements.

The trend of compensation in crypto is not confined to the sports world. Jobs in the crypto industry are increasingly in demand as more companies continue to scale their projects. According to data from Tiger Research, global web3 job postings have surged nearly 20% year-over-year after the US SEC’s approval of Bitcoin ETFs in January 2024. Singapore, India, and Hong Kong are leading the employment surge in the crypto industry.

Raman Shalupau, founder and CEO of CryptoJobsList, notes that companies are accelerating hiring and many compensate “either partially or in full with tokens, ETH, and often BTC”.

The rise in crypto values is in part attributable to the election victory of Donald Trump. Once a crypto skeptic, Trump has pivoted to become a vocal advocate, vowing to make the US “the crypto capital of the planet”. Bitcoin has jumped 139% over the past year, while Ethereum has risen 55% to $3,100, further validating Beckham’s initial bet.

Odell Beckham Jr.’s crypto gamble and its subsequent success not only underscore the potential of cryptocurrencies but also highlight the shifting landscape of professional athletes’ compensation and an evolving job market in the crypto industry.