When Odell Beckham Jr. signed with the Los Angeles Rams in November, he struck a deal with CashApp and agreed to convert his $750,000 salary into Bitcoin.
As the Cleveland Browns decided to drop him from the team. This was a decision that benefitted everyone involved, as the Browns got rid of a player who didn’t want to be there, all while the Rams got themselves a bonafide weapon who has so far, been instrumental to their playoff run which will have them in the NFC Championship Game this weekend.
When OBJ signed on the dotted line, he opted to take his entire salary into Bitcoin. When he did this, Bitcoin was in the midst of breaking new all-time highs, and was worth $64,000 per coin. This seemed like it could be a good investment, however, a local top came quickly and ultimately shattered the price of Bitcoin.
Now, the cryptocurrency is worth around $35,000, which is not good for Beckham’s earnings. As reported by Darren Rovell, OBJ’s entire salary is now worth $413K as opposed to $750K. Not to mention, once you factor in taxes, he has only made around $35K, which is enough money for just one Bitcoin. Simply put, OBJ has not benefitted from this decision. Of course, Beckham could simply decide to hold on to his Bitcoin, and perhaps in a year from now, it will go back up. Regardless, nothing is guaranteed, especially in crypto.
With Bitcoin’s volatility becoming a huge factor right now, we could see fewer and fewer athletes going the OBJ and Aaron Rodgers route.
The amount of people applauding players changing their salary into Bitcoin as if they were heroes has been comical.
Rams WR Odell Beckham Jr., at least in the moment, provides a cautionary tale. pic.twitter.com/uW0QDdJrYy
— Darren Rovell (@darrenrovell) January 23, 2022