A Year Ago Russell Okung Converted Half His Salary To Bitcoin. With Bitcoin Soaring, How’s That Trade Working Out For Him?

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splits: 20

For the primary time in a few decade, offensive sort out Russell Okung isn’t an lively NFL participant. After becoming a member of the league with the Seattle Seahawks in 2010, he went on to play for the Denver Broncos, LA Chargers, and (maybe lastly) the Carolina Panthers. The Chargers traded Russell to the Panthers final March. Sadly he went on to solely make seven begins final season resulting from an damage.

If that is the top of Russell’s NFL profession, I feel everyone knows what he is going to focus on subsequent…

Cryptocurrency.

It’s possible you’ll recall that Russell is the NFL participant who introduced final yr that he wished to receives a commission half his Panthers wage in Bitcoin. There was an preliminary velocity bump after the NFL introduced that its groups cannot pay gamers in Bitcoin. Gamers can solely be paid in US {dollars}. Undeterred, Russell determined to do the conversion after the very fact, on his personal.

Within the final 12 months, the value of Bitcoin has been up, down and throughout.

So how is that Bitcoin commerce understanding for Russell proper now?

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On the time he made this announcement, Okung was enjoying underneath a $13 million contract with the Panthers.

Okung made his Bitcoin salary conversion in December 2020. On the time, Bitcoin was buying and selling at $27,000 per coin. Assuming he used pre-tax earnings, half of $13 million could be $6.5 million. At $27,000, that might have purchased 240 Bitcoin.

Russell seemed like a monetary genius virtually proper out of the gate as Bitcoin jumped as excessive as $38,000 in mid January, only a few weeks later.

He seemed like a monetary tremendous genius by mid-April when Bitcoin hit $63,000.

The subsequent few months had been much less type to Okung.

Bitcoin’s value proceeded to drop in half. By late July the value had sunk right down to $29,000, only a bit larger than his December 2020 buy value.

To be clear, even on the lowest low-point in 2021, Russell was nonetheless “within the cash” In July 2021, at $29,000, Russell’s 240 BTC would have been value $6.9 million (good).

Quick ahead to the current and Russell is again on high.

Within the early hours of Tuesday, November 9, Bitcoin briefly hit an all-time excessive of $68,318. At that time, Russell’s 240 BTC had been value…

$16,396,320

That’s a 150% charge of return over a yr. For perspective, the S&P 500 – which is on an absolute tear in 2021 – has returned round 26% year-to-date. Tesla – which everyone knows has been a rocket ship – has returned 40% year-to-date.

Earlier this week, JP Morgan re-affirmed its prediction that Bitcoin will go to $146,000. Alternatively, the financial institution additionally warned that with Bitcoin’s inherent volatility makes it virtually as seemingly that the value drop again to the $30k vary.

However let’s faux that upper-end prediction of $146,000 comes true. At that time, Russell’s 240 Bitcoin – which he purchased for $6.5 million – could be value…

$35 million

That could be roughly half of all the cash he ever earned whereas enjoying within the NFL (Russell’s profession earnings at the moment sit at $71 million).

Congrats to Russell!


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