NFL player fumbles on Bitcoin | David Moon
David Moon
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After signing a new $920,000 contract with the Kansas City Chiefs, NFL tight end Sean Culkin made news when he announced that he intended to convert his entire salary to Bitcoin. In an April 26 Tweet, the 27-year-old Culkin said he would be converting his entire 2021 NFL salary into Bitcoin.
Culkin, a finance graduate from the University of Missouri and current MBA student at Indiana, explained that he has always been interested in finance and economics. What makes Bitcoin so intractable is its scarcity.
If scarcity and value were the same thing, you could sell your old Betamax tape player and retire.
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Hopefully Kansas City Chiefs star Patrick Mahomes didn t agree to have a portion of his 10-year, $450 million extension paid out in Bitcoin.
Mahomes reacted Wednesday morning on Twitter as the cryptocurrency market was trending in the wrong direction:
Patrick Mahomes II @PatrickMahomes
Crypto this morning... pic.twitter.com/x2k3vmWiNp
Some NFL players have gone above and beyond to embrace cryptocurrencies.
NFL Network s Ian Rapoport reported in December that veteran offensive tackle Russell Okung worked out a deal to receive half of his $13 million salary in Bitcoin. According to Adam Teicher of ESPN, all of Sean Culkin s $920,000 salary will be converted to Bitcoin as well if the tight end makes the Chiefs roster.