Carolina Panthers Player Russell Okung to Receive Half His Salary in Bitcoin

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Carolina Panthers offensive lineman Russell Okung will have half his $13 million salary paid in bitcoin, the two-time Pro Bowler said Tuesday.

“Paid in Bitcoin,” Okung wrote in a message on Twitter, confirming earlier rumors around his compensation. The move will make Okung the first NFL player in history to get paid in cryptocurrency.

The 12-year-old digital currency hit an all-time high of $28,335 just two days after Christmas, the second time in three years it soared to new heights over the holiday season. Bitcoin experienced a similarly meteoric rise in 2017, rising from $900 at the beginning of the year to more than $20,000 by the end of the year. It sank to just more more than $3,000 this year before rising to the new milestone.

Tyler and Cameron Winklevoss famously became billionaires during that surge with an $11 million investment. The twins, who won a $65 million settlement from a dispute with Mark Zuckerberg over Facebook’s origins, purchased more than 40,000 bitcoins when they were valued at $120 each.

Assuming Okung’s bosses rushed to buy bitcoin at Tuesday’s price — a little less than $27,000 each — they would be shelling about 242 coins over to him. The value of those could fall to as little as $700,000 if the price eventually sinks back to its 2020 low point — or it could exceed $50 million if the currency experiences the same level of growth next year.

The Los Angeles Chargers traded Okung to the Panthers in March. His contract is set to expire at the end of the NFL season.