This NFL Player Converts Near $1M Salary To Bitcoin

National Football League (NFL) star Sean Culkin decided to convert his entire salary of nearly $1 million into Bitcoin BTC/USD.

What Happened: Culkin answered a tweet announcing his decision to receive his salary in Bitcoin by a sports news outlet, confirming the report. He also admitted that NFL player Russell Okung "paved the way" for this kind of initiative when he decided to take half of his salary as Bitcoin at the end of last year.

In a separate Twitter thread, Culkin invoked financial literacy and pointed out that inflation caused by the Federal Reserve's policy and dollar printing will cause those not holding investable assets to continue to suffer losses.

He explicitly mentioned the United States coronavirus relief stimulus program as the cause of inflation and pointed out that Bitcoin provides a potential escape route.

"Bitcoin is of fixed supply designed to preserve your wealth over the long run," Culkin added.

Still, Culkin admitted that "it would be ill-advised to impulsively suggest the complete adoption of Bitcoin" due to it being a highly speculative and volatile asset.

At the same time, he shared the opinion that it would be "a disservice to your portfolio to not allocate a portion" of the funds to Bitcoin since it is "an asset that accreates over 200% a year on an annualized basis for the last 10 years."