NFL star OBJ claims it is costly to accept paychecks in Bitcoin
Odell Beckham found that it is highly costly to accept salary in Bitcoin because of many factors.
In the present time, the crypto and blockchain industry is at a tremendous level of adoption. Last year, many big celebrities shared their stance on Bitcoin and claimed that they will support Bitcoin by accepting payments and paychecks in Bitcoin. In this list, there are three US mayors and also many sports game players.
NFL star Odell Beckham Jr (OBJ) signed a deal to accept his $750,000 salary in bitcoin but it costs much for OBJ because of the correction in Bitcoin price and also due to tax rules to accept salary in bitcoin.
OBJ noted that he received 61% less value than what he was estimated to receive in fiat value.
These things are disappointing for these types of Bitcoin supporters because a supporter may face problems to a certain limit and after that only frustrations will come. But on the same time, they needed to keep the volatile nature of bitcoin in mind.
On 12 November 2021, OBJ signed a one-year deal with Los Angeles Rams worth $750,000. Through the promotional twitter post with CashApp, He announced that he is going to receive his salary in Bitcoin.
It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup
— Odell Beckham Jr (@obj) November 22, 2021
Here we can’t perfectly figure out what the actual thing happened with OBJ but here we can expect that Los Angeles Rams purchased Bitcoin at the time of signing the deal and at that time price of Bitcoin was very high and after the tax cost-cutting OBJ found that he received 61% less value of Bitcoins.
A similar kind of statement has been given by the brother of popular bitcoin influencers Anthony Pompliano, Joe Pomplanio. Joe explained very well how this guy faced this issue with bitcoin payment through a tweet.
I know this fits your narrative, but it's simply not true.
1. The deal was announced on Nov 22nd, not Nov 12th.
2. NFL players get paid weekly, not 100% upfront.
3. Cash App paid him 7-figures in marketing money — that's more than his entire contract with the Rams.
— Joe Pompliano (@JoePompliano) January 23, 2022
Read also: IMF urges El Salvador to take the decision back for Bitcoin adoption