Russell Okung became the first NFL player to be paid in Bitcoin in 2020. The former offensive tackle decided to convert half of his $13 million salary into an investment in the cryptocurrency. At the time, skeptics everywhere criticized him for his shortsightedness, claiming that the currency would soon fade. But today, Okung is laughing at those same skeptics.
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In mid-November, he revealed on X (formerly Twitter) that he had lied to his mother, Dorothy Akpabio, about selling the Bitcoins he had from 2020. At the time, the cryptocurrency was booming following a presidential change in the US, and Okung couldn’t help but brag a little about his profits. He humorously wrote, “I’m a good son. You are welcome.”
Now, in December, the same coin, the new kind of money, is once again on the rise, and as estimated, Okung’s investment has now turned into $24 million. At the time of his purchase, Bitcoin was only worth $27k. However, today the currency is valued at nearly $100k. The massive gamble (and lie) has ultimately paid off, it seems.
my mother asked me to sell her bitcoin position a year ago, i lied and told her i did.
im a good son. you are welcome.
— OKUNG (@RussellOkung) November 13, 2024
Since Okung signed the deal to become the first player to be paid in Bitcoin, others have followed in his steps. Five other NFL players have since been paid in the cryptocurrency.
Okung started a Bitcoin trend
Odell Beckham Jr. converted part of his Los Angeles Rams money into the currency in 2021. Later that year, Trevor Lawrence invested his signing bonus in an app focused on crypto. Aaron Rodgers also was partially paid in Bitcoin in 2021.
It was a growing trend, but one that was soon halted after 2021. Yet, with the recent news of Okung’s return, maybe we start to see it catch on once again in the offseason. When Okung signed the contract, NFL executives and financial advisors pleaded with him not to take the risk. But now it’s clearer than ever that he made the right decision. Okung just recently started his own flag football league: Bitball.
Okung established Bitball earlier in 2024. The flag football league is for entertainment but includes the wrinkle of players being paid in Bitcoin instead of USD. It’s 7-on-7 games with rules similar to actual NFL football, and players like Antonio Brown and Leveon Bell have participated. Okung hopes to take advantage of the growing popularity of flag football, a sport that will be played in the 2028 Olympics.
Okung’s story is one that players today should pay attention to. While he did earn $108 million during his time in the NFL, the extra $24 million allowed him the leeway to continue his career after his retirement.
Not to mention that some players go bankrupt after their playing careers because of bad financial planning. Well-known players like Michael Vick, Terrell Owens, and Clinton Portis all went broke after retiring. While it’s always tempting to spend money when it’s put right in front of you, Okung showed players everywhere that sometimes it’s wise to stay patient and reinvest.
