An athlete taking part of their contract or paying in cryptocurrency was a fairly common thing to see not so long ago, and it may still be the case in the future.
But, right now, some of the people who made those deals are being hit hard by the crypto crash.
Jacksonville Jaguars second-year quarterback Trevor Lawrence was most widely discussed because his rookie contract, which included a crypto partnership, potentially left him open to a big loss in the market. But another athlete whose name was shrouded in reports this week was former Penn State standout and current New York Giants running back Saquon Barkley.
Some sites have reported that Barkley lost up to $5 million.
But did he really do it?
The truth is it’s hard to really say, as a USA Today article pointed out this week.
Barkley announced that he was going to take all of his future endorsement money exclusively through Bitcoin in July last year.
“You see inflation, you see how high it is right now, and you learn that you can’t save yourself from wealth,” CBS Sports reported that Barkley said. “That’s what I’m going to take my bitcoin marketing money for.”
It seemed like a move ahead of the field with a sharp rise in yields, and in November Bitcoin peaked at $68,789.63. That spike and how Barkley and the rest of the guys that were mentioned in those reports played it from there is key.
There were reports this week that Barkley received $10 million in endorsements during this time, and if he stayed, with Bitcoin currently at $20,424.63, he’s certainly taken a beating.
But, as USA Today pointed out, if athletes like Barkley have retired from crypto, especially in October or November, there’s a chance they’ll make some money. Or, worst-case scenario, he might not have lost as much as expected if he had retired before that big crash.
Penn State and Barkley fans are certainly shooting for him to be out in time to cash in or not get hit as hard as some of the reports have assumed.