As time has proven, with big risks come big rewards, and sometimes those risks may not pay out as they should; with the recent crypto crash, NFL players that opted for part of their contracts to be paid in crypto could lose a significant amount of money.
NFL players like Trevor Lawrence took the risk of riding the “crypto wave” and asked for their salaries and signing bonuses in Bitcoin and other cryptocurrencies as a form of investing and profiting in the long run, being aware of the ever-changing values of digital currencies.
Action Network made an assessment taking into consideration last week’s crypto crash and there is much to say about the numbers.
Speaking of Lawrence again, the Jaguar’s quarterback could have lost ten million dollars
When he signed last year, he was the number one overall pick of the year’s draft, and he made a deal with Blockfolio so they could convert his signing bonus which amounted to $22,630,055 to crypto, and now that bonus is worth about $9.3 M.
Russel Okung from the Carolina Panthers
Another case would be Russell Okung that used to play OT for the Carolina Panthers, he grabbed the attention of the media when he converted about $6.5 million into bitcoin, this resembled half his salary, and after the latest bitcoin results, he has lost about $2.7 million.
Saquon Barkley from the New York Giants
A third example would be that of Saquon Barkley, who made a $10 million investment and lost $5.9 million, now he only has $4.1 million, which is a 59% loss in a few weeks.
Action Network has made the disclaimer that the amounts depicted are not entirely accurate since specific information has not been disclosed since it is sensitive financial data.
Big risks big rewards?
Having said that, history may prove speculators wrong, however, until now the crypto market is very volatile and when it comes to financials, there is no sure thing.