Odell Beckham jr., Aaron Rodgers, Bitcoin

[Soul Surfer]

Bitcoin crashed overnight and is only worth about half of what it was the day before.

Hopefully this won't be on Beckham's mind tomorrow as he received his entire salary in Bitcoin.

Aaron Rodgers also lost quite a bit of money yesterday but that doesn't bother me too much.

 

[1maGoh]

When did this happen? I'm looking at the 7 day chart and it doesn't look like it lost almost 50% value recently. Or I could once again be hella dumb and missing something important.

 

[Merlin]

Hopefully he converted that bitcoin into some good goddamn American investments like oil or coal.

 

[RamsSince1969]

I see it was at $67,582 about 3 months ago and now as of today 01/29/2022 is $38,165. Is that about a 44% loss?
But, the price is all over the place, so, it can rebound as fast as it went down. Hopefully its not a distraction.

 

[wolfdogg]

Overreaction to say crash overnight. It was 47k January 1st, 35k a week ago and today 38k. Big short term pullback but crypto is volatile like that. Could be 45k in 2 weeks.

 

[Flint]

Anyone willing to do something like that is probably not having any trouble paying rent, but hey, it went down it can go back up.

 

[MachS]

 

[Soul Surfer]

When did this happen? I'm looking at the 7 day chart and it doesn't look like it lost almost 50% value recently. Or I could once again be hella dumb and missing something important.

It was a story I saw this morning on Fox Business News.

It was specifically about Aaron Rodgers being heavily invested in it and they mentioned OBJ getting his whole Rams salary in Bitcoin.

Since it was on the TV, I was just paraphrasing what I heard.

 

[SteezyEndo]

Is this type of distraction really necessary right before the big game???

 

[1maGoh]

It was a story I saw this morning on Fox Business News.

It was specifically about Aaron Rodgers being heavily invested in it and they mentioned OBJ getting his whole Rams salary in Bitcoin.

Since it was on the TV, I was just paraphrasing what I heard.

Ah. I thought you were deep in it and I was missing something. I could have phrased that better. It's taken a big tumble since November, as someone else said. Long term that works out ok though, as long as the price goes up again.

I don't know if we have a cryptocurrency specific thread in off topic, but it's an interesting world for. I would never want to receive my salary in Bitcoin, specifically because it's pullbacks like they've been experiencing over the last 3 months.

I'm sure he's not hurting for money, even with the price going some.

 

[Merlin]

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It's pretty funny. But what matters is his next contract will be in dolla. And it'll be a big one.

 

[1maGoh]

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Did he only make one check up front? If they pay him weekly (they get game checks, right? I may be totally misunderstanding how pay works) they have to pay him the weekly amount in whatever Bitcoin is worth at the time. ...Unless they specified a specific amount of Bitcoin for every game check. Then he's getting hosed for sure.

But, if he got payed up front in one check, he may have cashed out or diversified most of that at the time. And you don't ask to be paid in assets if you're cash poor. I assume he'll be okay financially.

This is funny as written, but I question the accuracy.

 

[LA_vision]

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You can’t be taxed on loses, he’ll be taxed on the 412k.

 

[1maGoh]

You can’t be taxed on loses, he’ll be taxed on the 412k.

He didn't buy it though. It's not a loss like if he bought it. I'm not a tax expert, but that was my understanding. Gifts and payments are taxed at the value of when they are received, right? Do we (or are you, that would make this easier) have any US tax experts that could answer this question for us?

 

[TexasRam]

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LOL. That is so sad it's funny.

But one way to look at it - He will be playing his ass off for his next contract.

 

[Karate61]

Ok. OBJ is just fine.

First of all, his "bitcoin" salary is not his only asset.

He probably has a well diversified portfolio.

He can draw cash from other assets and hold the bitcoin long term, like any other investment. Just like stock, you don't have to sell your stock if it's down. You hold and wait for a reversal.

The market appears about to crash hard. The stock market is off to its worst January in history.

When the market drops, institutions need liquidity to shore up their market investment accounts. They sell off crypto to get that liquidity. That's why crypto is dropping. Some say its on its way to $20k.

But, it will probably rebound and get to $100k a year from now.

So, OBJ is fine. He chose to invest his salary, basically, and again must have plenty of other assets to live off of.

Now, he will have to declare his salary as income and pay tax on it. But, that tax can be paid from any investment account he has. He can hold the bitcoin!

All good everyone!

 

[Picked4td]

For starters, he likely got a nice endorsement paycheck by taking his contract in Bitcoin. Secondly you don’t buy Bitcoin for the short term. That’s like investing in a project/company and being upset their stocks went down 1 month in. I’m sure he’s in it for the long haul

 

[RhodyRams]

the 750k was just his base salary... with about 3 mill in incentive bonuses

500k for wildcard win or bye (earned)
750k for Divisional win (earned)
750k for Conference Championship
1 mill for Superbowl win (500k if active but loses)