Odell Beckham Jr. Celebrates Bitcoin’s Rise
NFL star Odell Beckham Jr., now with the Miami Dolphins, is celebrating Bitcoin’s surge past $100,000. On X, formerly Twitter, Beckham reflected on his 2021 decision to receive his Los Angeles Rams salary in Bitcoin through a partnership with Block Inc.’s Cash App.
The Original Bet on Bitcoin
In 2021, Beckham converted his $750,000 salary to Bitcoin at a price of $64,158 per coin. At the time, critics questioned the move due to Bitcoin’s notorious volatility. Between November 2021 and November 2022, Bitcoin lost 74% of its value, appearing to justify those concerns.
A Bitcoin Comeback for the Ages
With Bitcoin now trading near $100,000, Beckham’s gamble seems to have paid off. Assuming he held onto the Bitcoin purchased with his salary, its current value would be around $1,168,900. Beckham addressed his critics directly, posting, “Soooo who said taking my Rams salary in bitcoin was dumb again?”
Partnering with Cash App for Bitcoin Salaries
Beckham’s enthusiasm for Bitcoin hasn’t waned. In November, he confirmed on X that he continues to partner with Cash App, taking his salary in Bitcoin. The move highlights his enduring belief in the cryptocurrency’s potential as a long-term store of value.
Drawing Parallels with Other Bold Bets
Beckham’s Bitcoin story is reminiscent of graffiti artist David Choe’s decision to accept Facebook stock instead of cash for painting the tech giant’s offices in 2005. When Facebook went public in 2012, Choe’s stock was worth over $200 million, showcasing how unconventional bets can lead to massive rewards.
The Risk of Betting on Volatile Assets
While Beckham’s story is a win, it underscores the importance of understanding risk. Bitcoin’s wild price swings could have easily turned this move into a financial loss. Diversification and assessing personal risk tolerance remain crucial for investors navigating volatile markets.
Investing in Bitcoin Like Beckham
If Beckham’s Bitcoin success inspires you, here’s how you can invest:
- Cold Storage Wallets: Safeguard your assets by using secure wallets.
- Direct Purchase: Use platforms like Coinbase or Cash App to buy Bitcoin.
- Bitcoin ETFs: Invest through exchange-traded funds for simpler portfolio management.