Reshab AgarwalTaking salary in Bitcoin is also getting quite popular. A few weeks back, Microstrategy announced that it would pay its board of directors in Bitcoin. And now, the NFL player Sean Culkin announced that he would convert 100% of his salary into Bitcoin. The cryptocurrency is slowly starting to be treated as an asset and a store of value like Gold. People are investing in it and even receiving a salary in it, with the notion that the value of the same will increase with time.
I fully believe Bitcoin is the future of finance and I wanted to prove that I have real skin in the game — not just trying to make a quick buck. I will be converting my entire 2021 NFL salary to #Bitcoin.
— Sean Culkin (@culkin22) April 26, 2021
Receiving 100% salary in Bitcoin!
Sean Culkin has a base salary of about $1 million, and he wants to convert all of it into Bitcoin. He says he wants to prove that he is completely in the game and not looking at BTC investment as a medium to make short-term gains. In order to convert his salary to BTC, Sean has partnered up with Strike by Zap that will convert the salary he receives into Bitcoin every week. He said back in March that his salary is one of the lowest in the leagues but getting paid in BTC or converting it to the same changes the equation.
Image Source: New Fury Media
Sean believes that by doing the same, the purchasing power of his money will remain intact with time. This is because dollars don’t age well with the increasing inflation rate, but Bitcoin is wine; the older, the better. Since we measure Bitcoin in terms of dollars and that being an inflationary currency, theoretically, Bitcoin could go to infinity.
Sean Culkin also has laser eyes that means he believes that BTC is going to $100k. And until that happens, he isn’t going to change his profile picture. All in all, athletes getting their salary in Bitcoin is another step towards moving towards a fiat-free financial system.
The increased Bitcoin craze in the sports industry
Sean is not the first player to have taken his salary in Bitcoin. The first player was actually Russell Okung, who has been asking to get paid in Bitcoin since 2019, and just recently, his demand got fulfilled. He also used the same company strike that managed his salary and converted it to BTC for a minor charge. Do note that, unlike Sean, he only converted 50% of his salary to Bitcoin, but from an amount perspective, it was $6.5 million which is much greater than Sean’s salary.
In fact, Sacramento Kings have also started to give players the option to get paid in Bitcoin. Many players are actually happy about the same and have already opted in to get paid in the cryptocurrency.
What is your thought on the unending craze of Bitcoin in every industry? And do you think it is wise to take 100% salary in Bitcoin, or 50% is a safe bet? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: JP Morgan now allows clients to invest in Bitcoin funds.