Salaries for National Football League players have changed over time, as the Watt brothers recently found out. A former NFL player who took a portion of his salary in Bitcoin (CRYPTO: BTC) says players and investors can shorten the time it takes to build wealth thanks to the leading cryptocurrency.
What Happened: Former NFL offensive tackle Russell Okung made headlines in sports and cryptocurrency in December 2020 when he announced that he would receive half of his NFL salary in Bitcoin.
The former NFL player received $13 million for the 2020 season, with $6.5 million paid in Bitcoin, thanks to the help of startup Zap, which handled the behind-the-scenes transactions, as the league didn't pay out in crypto at the time.
Okung remains bullish on Bitcoin today and has recently used a comparison between NFL salaries and the shortened timeframe for Bitcoin to create wealth for investors.
A graphic comparing former NFL star J.J. Watt making $129.7 million in 12 years and younger brother T.J. Watt signing a three-year extension to make $123 million was shared by Okung. The graphic shows that the younger Watt is now set to make almost as much money in three seasons as his older brother did in his entire NFL career.
"What took one brother, 12 years…took the other brother, 3 years. What takes you 40 years, Bitcoin does in 4," Okung tweeted.
Okung said Bitcoin compresses the timeline.
"Not because it's magic. Because it's mathematics. It's the first money that can't be debased. An asset that gets scarcer over time instead of more diluted."
Okung said Bitcoin can change wealth for people today, compared to their family members taking years to build wealth.
"What took your grand parents a lifetime to build, Bitcoin can build in a cycle. And what took your parents decades to accumulate, Bitcoin can accumulate in years."
Why It's Important: Okung has been vocal about Bitcoin for years, with a May 14, 2019, tweet encouraging the league to "pay me in Bitcoin." A year later, Okung announced 50% of his salary would be paid in Bitcoin.
While 2020 ended up being his last season in the NFL, Okung concluded his playing career on a strong note and as a recognized crypto advocate.
Okung once tweeted that the NFL teaches players how to avoid going broke but doesn’t educate them about Bitcoin.
“Odd how the NFL spent millions teaching us not to go broke, but the billionaire owners never shared how to build wealth. All I did was buy bitcoin, now we make history."
"Money is more than currency; it's power. Getting paid in bitcoin is the first step to opting out of the corrupt, manipulated economy we all inhabit," Okung said at the time.
Bitcoin has soared 331.2% since Okung announced he was getting paid in Bitcoin. Not that JJ Watt needs more money as a millionaire and part owner of a soccer team, but he could have made more than his brother if he had invested in Bitcoin.
The older Watt averaged making $10.8 million annually in his 12 seasons in the NFL. If he invested $10.8 million into Bitcoin on Dec. 29, 2020 when Okung made his announcement, Watt would have Bitcoin valued at $46.9 million today, up more than $30 million in less than five years.
Instead he has to watch his younger brother make more than him playing in the NFL the next several seasons.
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