Russell Okung's Contract Contains Crypto-Clause

By Nicholas Magliochetti

Cryptocurrency is an asset that has been gaining significant amounts of credibility in 2021. The poster asset, Bitcoin, has made the most news this year. This is largely due to the fact that it broke the threshold of $30,000 for the first time in January. The bullish trend has continued throughout the year, and the digital asset reached a peak of $60,000 in early March. This combination of both a large increase in value and an increase in exposure has led to many investors deciding to join the crypto world.

These recent value surges are enjoyed most by those who have been supporters of Bitcoin for a long time. One of these supporters is none other than the Carolina Panthers offensive tackle, Russell Okung. Okung had been lobbying to have his salary paid to him in Bitcoin for almost two years. He gained significant attention after simply tweeting, “Pay me in Bitcoin.” in May of 2019. Having been denied at the time he finally has had his request granted. Unfortunately, it came more than twenty months later and upwards of a 270% price increase. The deal was made internally within the Panthers’ organization and will not have the team paying him directly with the digital coin. Instead, half of Okung’s $12 million contracts will be directly deposited into Zap’s strike product, which allows direct deposit checks to be converted into Bitcoin.

This will allow Okung to consistently convey his fiat payment into the asset which he believes still hasn’t reached its price ceiling for the year. This sentiment is shared by many, as the asset is commonly believed to be on track to reach $100,000 by the end of 2021. Okung’s choice has drawn even more eyes to Cryptocurrency and to Bitcoin specifically. The strike has commented that they have been making similar arrangements for players from both the Brooklyn Nets and the New York Yankees following Okung’s example.

This trend should be viewed as a positive change in the mindset of young professional athletes in the United States. Many players have made the mistake of spending their lucrative contracts on luxury items and ending up with little to no savings. It is relieving to see athletes like Russell making educated lifestyle choices like this, as the example they set for young players will have a positive impact on generations of athletes to come.