The bitcoin revolution has begun and it will not stop until it completely changes the entire traditional financial systems, including the payment of salaries in sports.
Sean Culkin, the American football tight end for Kansas City Chiefs, is the latest sports personality to declare his intentions of receiving his salary in bitcoin.
In a recent tweet, Culkin said that he is very convinced of the future potential of bitcoin and wishes to show his support for the King of cryptocurrencies by converting his 2021 salary, a whopping $920,000 according to data from Spotrac, to bitcoin.
I fully believe Bitcoin is the future of finance and I wanted to prove that I have real skin in the game — not just trying to make a quick buck. I will be converting my entire 2021 NFL salary to #Bitcoin.
— Sean Culkin (@culkin22) April 26, 2021
Culkin will receive his annual salary via the cryptocurrency startup, Zap, twice a week. However, since his reserve contract remains denominated in dollars, it has to be converted to sats.
While converting his entire income to bitcoin might not be the best investment decision, Culkin noted that his strong belief in bitcoin is the propelling force behind his decision.
With the current arrangement, Culkin will not need to bother about when to buy bitcoin depending on market conditions since his salary will automatically be converted to bitcoin, allowing him to focus fully on his football career.
“Generational Wealth”
Culkin had admitted that he learned about bitcoin earlier in 2016 but recently became very interested in it. In some of his tweets, he often compared bitcoin to gold.
In one Twitter thread back in February, he noted that he is planning for the future, with plans for his children and grandchildren.
He stated that bitcoin and blockchain technology will soon change history, adding that his children and grandchildren will benefit from his investments even if it did not happen in his lifetime.
He said, ” In the event it doesn’t happen in this lifetime, my kids will be financially set. Talk about generational wealth!”
Culkin is not the first footballer to convert his salary to bitcoin. The NFL star, Russel Okung, became the first NFL player to receive half of his salary in bitcoin.
