Again in November, Odell Beckham Jr. turned the newest athlete/public determine to proclaim their intention to take a portion of their 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 virtually universally means they’re receiving a US greenback direct deposit of their financial institution from their employer, then changing these {dollars} into Bitcoin utilizing some crypto app on their very own, after-the-fact.
For instance, New York Metropolis’s new mayor Eric Adams is one in every of these people who’s “taking” half his wage in Bitcoin. In actuality, which means he is getting paid his full wage in USD then taking half these {dollars} and changing them into Bitcoin. That is precisely the identical as me saying “I am taking half my wage in ramen,” within the sense that I sometimes take my US greenback earnings and convert it into overpriced ramen 2-3 nights per week delivered by way of Door Sprint.
Anyhoo. Again to Beckham.
(Photograph by Ezra Shaw/Getty Photos)
As Darren Rovell first noted on Twitter on Sunday night time through the Rams recreation, Odell Beckham Jr.’s foray in Bitcoin has been lower than spectacular… up to now.
On November 12, 2021, Odell signed a one-year take care of the LA Rams that pays him a base wage of $750 thousand. Quickly after the deal was introduced, Odell revealed he was planning to “take” not simply half… however his FULL base wage in Bitcoin by means of a partnership with Sq. (which is now known as Block).
A fast caveat: NFL gamers are paid in USD by way of weekly direct deposits, so it is not just like the NFL paid him $750k on day one. And that is truly but another excuse these “taking their wage in Bitcoin” articles are sometimes bogus.
However let’s comply with Odell’s personal proclamation and assume he “took” his full base wage and transformed it into Bitcoin.
Utilizing the numbers dug up by Rovell, in mid-November when the deal was introduced, a single Bitcoin was value…
$64,293
So at that time, $750,000 USD would have purchased 11.66 Bitcoin.
As I kind this text a single Bitcoin is value…
$35,600
That is a 44% drop in a little bit over two months. As of this writing his 11.66 Bitcoin are value $415,096.
Sadly, america Federal authorities and California tax collectors will nonetheless be in search of tax fee on the total $750,000 wage.
The IRS’ high tax fee is 37%. The state of California will demand 13.3%. That is a complete of fifty.3% in taxes, computed off the $750,000, which can imply Odell’s full tax invoice is $375,000.
While you put all of it collectively, as of this writing, Odell’s internet wage for the 2022 NFL common season was ($415,096 – $375,000) =
$40,096
Now, I am going to admit that Bitcoin might come roaring again and make his selection appear good once more sooner or later. However as of this writing, it might be onerous to argue in opposition to the present proven fact that Odell’s choice to “take” his full wage in Bitcoin truly resulted in him being paid a little bit over $40k to play within the NFL this season.
And let me additionally admit that Odell has some cash to blow. We presently estimate that Odell Beckham Jr.’s internet value is $40 million. The vast majority of that internet value was earned because of a blockbuster $95 million contract extension with the Giants signed in August 2018 that got here with $65 million assured and made Odell the highest-paid huge receiver in NFL historical past.
Lastly, we not have feedback on our articles right here on CelebrityNetWorth, so in case you’re a Bitcoin zealot wishing to name me an fool, be happy shoot me an e-mail. Or simply be pleased figuring out that I notice you assume I am an fool and that I have been completely improper about Bitcoin time and again and over because it first topped $1,000 🙂
