Again in November, Odell Beckham Jr. grew to become the most recent athlete/public determine to announce his intention to take a portion of his wage in bitcoin. To be clear, {most professional} organizations just like the NFL don’t truly pay their workers in bitcoin. Everytime you hear somebody speaking about “taking” their wage in bitcoin, it nearly universally signifies that they’re receiving a direct deposit of US {dollars} from their employer into their financial institution, then these Some are utilizing crypto app to transform greenback to bitcoin. -Truth.
For instance, Eric Adams, the brand new mayor of New York Metropolis, is among the people who’s “taking” half of his wage in bitcoin. In impact, because of this he’s getting his complete wage in USD after which he takes half a greenback and changing them into bitcoin. It’s precisely like saying “I’m taking half my wage in ramen,” within the sense that I normally take my US greenback earnings and have it delivered within the week through DoorDash. I convert 2-3 nights into excessive ramen.
Any. Again to Beckham.
(Picture by Ezra Shaw/Getty Pictures)
as Darren Rowell first noticed on twitter Throughout Sunday night time’s Rams recreation, Odell Beckham Jr.’s foray into bitcoin has been lower than spectacular… to this point.
On November 12, 2021, Odell signed a one-year take care of the LA Rams, which provides him a base wage of $750 thousand. Shortly after the deal was introduced, Odell revealed that he was planning to “take” not solely half… however his complete base wage in bitcoin, via a partnership with Sq. (now referred to as Block).
A fast warning: NFL gamers receives a commission in USD through weekly direct deposit, so it’s not just like the NFL paid them $750k on day one. And that’s truly but one more reason why these “taking your wage in bitcoin” articles are typically bogus.
However let’s observe up on Odell’s personal announcement and assume that he “takes” his complete base wage and converts it to bitcoin.
Utilizing numbers dug up by Rowell when the deal was introduced in mid-November, a single bitcoin was price…
$64,293
So at that time, $750,000 USD would have purchased 11.66 bitcoins.
As I sort this text, the value of 1 bitcoin is…
$35,600
That’s down 44% in a bit of over two months. His 11.66 bitcoins are price $415,096 on the time of writing.
Sadly, the federal authorities of the US and tax collectors in California will nonetheless be demanding tax funds on the total $750,000 wage.
The highest tax charge of the IRS is 37%. The state of California would demand 13.3%. This totals 50.3% in taxes, calculated from $750,000, which might imply Odell’s full tax invoice is $375,000.
If you put all this collectively, as of this writing, Odell’s web wage for the 2022 NFL common season was ($415,096 – $375,000) =
$40,096
Now, I consider that bitcoin can come again and make its decisions nice once more sooner or later. However as of this writing, it will be arduous to argue towards the present incontrovertible fact that Odell’s resolution to “take” his complete wage in bitcoin truly resulted in him being paid a bit of over $40k to play within the NFL this season. .
And I additionally admit that Odell has some cash to blow. We at the moment estimate that Odell Beckham Jr. has a web price of $40 million. The vast majority of that web price was accrued to the blockbuster $95 million contract extension he signed with the Giants in August 2018, which got here with $65 million assured and made Odell the highest-paid large receiver in NFL historical past Was.
Lastly, we not have feedback on our articles right here at CelebrityNetworth, so if you happen to’re a bitcoin fanatic who desires to name me an fool, be at liberty to shoot me an e mail. Or simply be pleased to know that I understand you suppose I’m an fool and I’ve been completely fallacious about bitcoin because the first time it topped $1,000.
