In 2020, former Carolina Panthers offensive tackle Russell Okung made headlines by negotiating to have half of his $13 million NFL contract for the 2020 season paid out in Bitcoin.
Today, that move has paid off, with the value of Okung’s BTC now estimated at $21 million, thanks to the recent surge in the asset’s prices.
$21 Million Payout
While he was not paid in cryptocurrency, the Panthers converted $6.5 million of his salary through Strike, a financial service from Zap that facilitated the purchase of Bitcoin with his funds. This move made Okung one of the first high-profile professional athletes to receive a substantial portion of his income in Bitcoin.
The digital asset was trading at around $27,000 at the time of his investment. With his $6.5 million, Okung acquired approximately 240 BTC, a move viewed as a significant financial risk since the cryptocurrency was still in a growth phase and was known for its volatile price swings.
In late 2022, the cryptocurrency experienced one of its more severe downturns, dropping to around $17,000. This means the 36-year-old’s investment temporarily lost significant value, decreasing to around $4.08 million. Nevertheless, Okung opted to hold onto his stash.
Following the U.S. presidential election in November 2024, BTC prices surged dramatically, reaching an all-time high of over $83,000. As of this week, bitcoin is around $88,000, raising the value of Okung’s initial 240 BTC to approximately $21.36 million.
This increase effectively boosts the total worth of his Panthers contract to around $27.8 million, meaning Okung’s decision to invest half his salary in Bitcoin has led to an additional $14.8 million in value.
The former offensive tackle, who retired from professional football in 2023, recently took to social media to share his win, declaring, “Results silence all debates.”
Interestingly, the former player, who is currently fronting an initiative dubbed Bitball that advocates paying athletes in BTC, has indicated that he will not be cashing in on his windfall any time soon. “How long will I hold Bitcoin? Okay, how long do I plan to breathe?” Okung said in a November 14 post on X.
how long will i hold bitcoin? okay, how long do i plan to breathe? https://t.co/em2zLo3cqY
— OKUNG (@RussellOkung) November 13, 2024
Trump’s Election Win Aftermath
Bitcoin’s recent price rally came after Donald Trump’s victory in the 2024 U.S. presidential election. The rally attracted major inflows into digital assets, with the OG cryptocurrency alone pulling in $1.8 billion, according to CoinShares’ Digital Asset Fund Flows weekly report.
The rally extended beyond Bitcoin, with Ethereum gaining $157 million in inflows and notable activity among altcoins like Solana, Uniswap, XRP, and Tron.
Overall, the total cryptocurrency market capitalization reached a new all-time high of $3.12 trillion in early Asian trading on Tuesday, Nov. 12. This surpassed the previous record of $3.08 trillion set nearly three years ago in November 2021.
The post Ex-NFL Player’s Bitcoin Choice Turns $6.5M Salary into $21M Payout appeared first on CryptoPotato.
