- NFL player Sean Culkin converted his $970,000 salary to Bitcoin.
- Culkin is the first player to convert 100% of his salary to crypto.
- Also, Culkin believes Bitcoin is a good store of value asset.
Sean Culkin, an NFL player for Kansas City Chiefs, converted 100% of his salary to Bitcoin. Culkin is the first player to convert 100% of his salary to crypto.
However, Culkin is not the first player to opt for payment in bitcoin. Previously, fellow NFL player Russell Okung received half of his $13 million salary in BTC. In fact, Okung was one of the first major league players to stake his salary in crypto.
Also, Culkin noted that the nature of his employment is time limited as professional players only play in their prime and retire early. Additionally, NFL players are vulnerable to injuries that can affect their earning power. Thus, with this in mind, Culkin believes that converting his salary to BTC will optimize his earning power.
Notably, Culkin stated that his $970,000 base salary is league minimum. However, converting his salary from fiat to crypto automatically takes Culkin from one of the lowest to highest paid in the league. Kansas City Chiefs will convert the payment via Strike by Zap on a weekly basis.
In addition, Culkin believes,
We are in the beginning stage of bitcoin’s shift away from being extremely speculative, to a legitimate asset class viewed as a store of value.
As such, it seems Culkin is in it to hodl for the long term. This is fortunate as BTC is currently experiencing a slump which has some wondering if this is a good time to be investing in the asset.