Assets, Bitcoin

How Much Did Russell Okung Make Off of Bitcoin?

When Russell Okung, an offensive tackle for the Los Angeles Chargers, signed a four-year, $53 million contract extension in 2017, he made headlines for something other than his football skills. Okung became the first NFL player to be paid in part with cryptocurrency, specifically bitcoin.

At the time, each bitcoin was worth approximately $2,400.

Under the terms of his contract, Okung agreed to have half of his $13 million signing bonus and his entire $1 million base salary for the 2018 season converted into bitcoin. This meant that Okung’s take-home pay for 2018 was essentially $6.5 million in U.S.

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dollars and about 2.48 bitcoins, which were worth about $6 million at the time.

While the value of bitcoin has fluctuated greatly since then, at the time of this writing (March 2021), each bitcoin is worth approximately $56,000. This means that Okung’s 2.48 bitcoins are now worth about $138 million!

In other words, by being paid even a small portion of his salary in bitcoin back in 2018, Okung has made a fortune as the value of cryptocurrency has soared in recent years. It just goes to show that sometimes it pays to be ahead of the curve!.

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