Odell Beckham Jr.'s Bitcoin Bet Pays Off Amid Market Surge
November 14, 2024While it's unclear if Beckham has kept his entire Bitcoin holding, his social media activity suggests he remained committed during market fluctuations.
During his time with the Rams, Beckham earned a total of $4.25 million, which included a base salary of $750,000, a $500,000 signing bonus, and $3 million in performance incentives after their Super Bowl victory.
Odell Beckham Jr., currently a member of the Miami Dolphins, is making headlines for his financial decisions rather than his on-field performance.
He recently reminded fans on social media about his choice to receive a $750,000 salary from the Los Angeles Rams in Bitcoin, which he converted in November 2021 when Bitcoin was valued at $64,293.
Despite facing significant losses during the crypto winter of 2022, when his holdings dropped to $401,500, Beckham's investment has rebounded due to the current rally.
At the time of signing, Bitcoin's price had doubled in the four months prior, showcasing the cryptocurrency's volatility.
Since then, Bitcoin has surged to an all-time high, surpassing $90,000, confirming that Beckham's investment was a wise move.
If Beckham decides to sell his Bitcoin, he would face capital gains tax in addition to income tax on his converted salary.
If Beckham retained his Bitcoin, his investment could have grown significantly, potentially turning his $750,000 salary into over $1 million.
Beckham's tenure with the Rams was marked by a Super Bowl victory, although he suffered a torn ACL during the game against the Cincinnati Bengals.
The recent rise in Bitcoin's value has been attributed to political shifts, particularly President-elect Donald Trump's pro-crypto agenda.
Despite the current success of some athletes in cryptocurrency investments, the market remains highly volatile, as evidenced by past collapses like that of Terra.
Summary based on 5 sources
Get a daily email with more Crypto stories
Sources
Bleacher Report • Nov 13, 2024
Odell Beckham Jr. Calls Out Critics of Rams Contract as Bitcoin Hits Record HighsFOX Sports • Nov 13, 2024
Odell Beckham Jr. boasts about taking 2021 Rams salary in Bitcoinnj • Nov 14, 2024
Laughing to the bank: Ex-Giants star clowns contract critics