NFL PLayer Who Invested In Bitcoin With His Salary, Makes Massive Profit
Bitcoin continues to be the fanciest digital asset amongst many investors, either new or old, in the cryptocurrency space. Since early last year, institutional investors have continued to flock around the digital assets in a bid to enjoy massive returns of the cryptocurrency. The surge of individual investors towards the digital asset has not seemed to slow down. The high inflation rate of many economies is forcing many to consider high-risk investment as a viable option. However, popular NFL Player- Russell Okung is the latest to earn returns on Bitcoin.
Okung’s investments put him up amongst the highest earners
The sportsman, who has been investing half of his Salary in Bitcoin since December 2020, has now made huge returns on his investment. The Caroline Panthers player started investing half of his income on the digital assets when the price was around $28,000. The current surge in the price of Bitcoin had seen the cryptocurrency hit an ATH of $60,000 last week.
However, despite the digital assets’ falls, it is currently around the $57,000 mark in today’s prices. It represents a massive profit of at least 100% returns on investment. The player’s annual Salary is currently $13 million, of which $6.5 million will eventually enter into Bitcoin at the end of the year. However, with current standings, about $1.6 million of his Salary would have entered into Bitcoin, and with the current prices, Okung would have made double that amount.
In a recent sports newsletter, the author suggests that Okung will likely be the highest earner in Salary annually with his investment. However, if Okung had not converted 50% of his Salary to Bitcoin, he wouldn’t be considered in the highest earners category, as many NFL stars make way more than him. Patrick Mahomes of Kansas City Chiefs is reportedly the highest earner in the NFL, netting an estimated salary of $45 million annually. However, if Bitcoin’s meteoric rise continues, Okung will likely surpass the talismanic quarterback figures.
Bitcoin’s adoption continues to be on a high
The fortunes of Bitcoin continue to attract many more investors into the cryptocurrency market, despite its shortfalls. The cryptocurrency has continued to lead the Blockchain space since it was created eleven years ago by Satoshi. While cryptocurrency has attracted many individual investments, institutional investors are not slowing down.
The biggest industry firms have also turned to cryptocurrency since last year to maximize their profit. Cloud Service company, Microstrategy, is one of the largest institutional investors in Bitcoin. The business intelligence firm currently has about $5 billion in its Bitcoin portfolio, with $3 billion of it estimated to be their profit since it started investing last year.
Many analysts have predicted that Bitcoin, currently trading around the $57K mark today, will likely hit $100K by December 2021. However, by the time that happens, the current market size would have almost doubled, as interest in the digital asset is not slowing down from all indications.