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Did You Know The 7 Athletes Who Are Taking Risk In Crypto Market?

Almost 106 million people across the globe use cryptocurrencies, and according to the reports by the year 2025, the global market of digital currencies or Crypto will increase by $39.17 billion, which is actually a double or triple form the current users. However, there are some rules and regulations to invest in the Crypto market, but still investors tend to buy only a few units, and keep that, hoping for potential growth in the future, and also maximizing the side income. Moreover, the Crypto market is gaining popularity because of the instant settlement block chain. 

Did you know? Professional athletes are fans of the Crypto market, especially bitcoin, they said they would receive their salaries and endorsement deals in crypto. During the year 2021, the total crypto market revenue touched $3 trillion and continued to grow, at that time most of the commitments were made. 

We know the great Odell Beckahm Jr. right? He said in November 2021, he would take his $750,000 salary in bitcoin, on the other side, another two players on the NBA’s Golden State Warriors said part of their salaries paid in bitcoin. Not only the athletes but other sports players accept their salaries through bitcoin because the crypto market is the fastest growing digital coin, which gives a handsome return. However, Bitcoin’s 2021 ascent shows the potential benefits of getting paid in the digital money or cryptocurrency. Bitcoin’s current price decrease of about 50% is highlighting the drop-down and high risk with getting paid in crypto or digital currencies. 

If you notice, Bitcoin’s price has fallen from its mid-November high of about $69,000 to a low of nearly $35,000 current month, which means some athletes have essentially taken a 50% pay cut for some amount of work. Now, let us assume they did not immediately sell their bitcoin for US dollars upon receipt. 

Messing up the bitcoin salaries even further is the tax implications, as you are taxed on the value of bitcoin when you receive it, not on what the value varies during the tax season. Which indicates if bitcoin falls far enough and stays there, some athletes’ tax bill may be more than the residual leftover value of digital currency. Moreover, the potential remains for bitcoin to recover its losses and continue its long term uptrend, which would make the athletes decision to get paid in bitcoin look a lot smarter than it might today. This is how nowadays athletes deal with crypto. 

Also Read: Slippage In Crypto: What Is It And How Can It Be Managed?

The 7 High-profile Athletes Who Are Getting Paid In Bitcoins   

odell beckham jr bitcoin

The following are the 7 high-profile well-known athletes who are taking risk by accepting salaries in bitcoins or crypto currencies:

#1 Kaly Thompson 

Team: Golden State Warriors 

Date Of Deal: January 10, 2022

Bitcoin Performance Since Deal: (-13.7%) 

#2 Andre Iguodala

Team: Golden State Warriors 

Date Of Deal: January 10, 2022

Bitcoin Performance Since Deal: (-13.7%) 

#3 Odell Beckham Jr. 

Team: Los Angeles Rams 

Date Of Deal: November 22, 2021

Bitcoin Performance Since Deal: (-36.0%) 

#4 Shohei Ohtani 

Team: Los Angeles Angels 

Date Of Deal: November 16, 2021

Bitcoin Performance Since Deal: (-39.7%)

#5 Aaron Rodgers 

Team: Green Bay Packers 

Date Of Deal: November 1, 2021

Bitcoin Performance Since Deal: (-40.5%) 

#6 Cade Cunningham 

Team: Detroit Pistons 

Date Of Deal: August 19, 2021

Bitcoin Performance Since Deal: (-22.9%)  

#7 Trevor Lawrence 

Team: Jacksonville Jaguars 

Date Of Deal: April 26, 2021

Bitcoin Performance Since Deal: (-32.7%)  

These are the 7 high-profile athletes who are getting their salaries through digital currencies especially in Bitcoins. Now let us discuss the three crypto currencies to invest in the year 2022. 

Also Read: The 18 Best Crypto Podcasts In 2022

Top Three Crypto Tokens You Must Invest in 2022

The following are the top three digital tokens you must have look and plan to buy to get a handsome return: 

#1 Solana (SOL) 

Developed to help power DeFi (Decentralized Finance) uses, DApps and smart contracts, Colana runs on a unique hybrid proof of stake and proof of history mechanisms that help it process transactions quickly and safely. When it launched in 2020, SOL’s price started at $0.77. By Feb. 1, 2022, its price was around $100, a gain of almost 13,000%.

#2 XRP 

At the beginning of 2017, the price of XRP was $0.006. As of Feb. 1, 2022, its price reached $0.62, equal to a rise of more than 10,000%.

#3 Polkadot (DOT) 

Between September 2020 and Feb. 1, 2022, its price grew about 565%, from $2.93 to $19.49.

Also Read: How To Buy Cryptocurrency? Buying Guide 2022

The Gist 

Crypto currencies or digital coins are nowadays a hottest center that attracts the investors the most. Athletes and other sports players are currently accepting their salaries in crypto coins especially in bitcoin, which is actually risky, but according to trend they accept the bitcoins as their salaries. 

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