Tuesday, January 25, 2022

Odell Beckham Jr Suffers Big Bitcoin Loss

Back in November Los Angeles Rams wide receiver Odell Beckham Jr. announced he would be taking his 2021 salary in Bitcoin. 

This week Bitcoin's stock worth plunged, taking Beckham's salary with it...

Based on Monday’s bitcoin prices, and assuming that Beckham did convert a lump sum of $750,000 into bitcoin when the deal was made in November, that salary would now be worth about $401,500, and, despite the drop in value, he would still have to pay taxes on income as provided to him at its $750,000 value.
Because it is not known whether Beckham moved the $750,000 sum all at once into bitcoin or spread it over multiple conversions, it’s difficult to pinpoint an exact dollar figure for Beckham’s losses. If the deposit was made on Nov. 12, that investment is now worth around $35,000 after federal and state taxes, according to Darren Rovell of the Action Network and formerly of ESPN and CNBC.