Convert to cryptocurrency: Sean Culkin encourages professional athletes to convert their money to BTC
Sean Culkin of the Kansas City Chiefs gets $920,000 a year. These funds will be converted to cryptocurrency at the time of payment.
Kansas City Chiefs player Sean Culkin announced on Twitter that he will convert his entire 2021 paycheck into bitcoin. He will become the first player in National Football League (NFL) history to convert his annual income into cryptocurrency. Sean Culkin’s annual salary is $920,000 and will be converted to cryptocurrency at the time of payment, U.Today reported, citing local publication Kansas City Star.
Sean Culkin about cryptocurrency
“I’m getting a lot of questions about the payment in cryptocurrency from the young men in the league, and we’re seeing more and more teams and players getting involved,” he told during an interview. “Not too long ago, for example, only a few of us knew what it all meant. But players know firsthand the proper that the fiat currency unit depreciates over time, and they tend to know immediately the theory of Bitcoin as a store of value.”
Culkin himself noted that given his career and the physical demands and time constraints involved, he believes it makes sense to receive serious amounts that can protect his “purchasing power” over time. According to the athlete, the world is currently in the early stages of a transition to Bitcoin, which was previously seen solely as a speculative asset class, but now as a legitimate one. The footballer notes his full confidence that Bitcoin is the future of finance.
The 27-year-old tight end said that in the future, money will not be based on something physical, but will exist in the digital realm.
“Bitcoins method is quite transparent about the current supply and how much should be mined. Right now, bitcoin has a supply of 18.7 million, with the largest supply of 21 million to be mined in the long run. As rates go up and miners are incentivized to make more, it becomes more difficult with time because of the process of halving the system, which happens every 4 years. Any halving cycle means that miners have to work twice as hard to produce the same number of coins.
Bitcoin is resistant to inflation. It still guarantees tremendous usefulness and scalability than gold, thanks to its technological properties – the price can be transferred in any space with the support of bitcoin without the friction associated with gold – transportation, security, and period. Bitcoin is digital gold, which is more conducive to the use of technology by future generations.”
Sean Culkin also takes part in the “laser eyes” flash mob popular among crypto-enthusiasts. In social networks, this flash mob began in February, when bitcoin reached a local high of $58.3 thousand. After that, many fans of the first cryptocurrency, expecting the growth of its rate to $100 thousand, posted photos with “laser eyes” as an avatar of their personal
profile.
Earlier, in December 2020, Russell Okung already said that he converted about 50% of his earnings (about $6.5 million) to BTC using the same Strike app. At that time, it was about 240 BTC at the current price of $27,000. Since the current value of the asset is almost double, this means that Okung can already talk about a significant return on his cryptocurrency investment. Earlier, the Sacramento Kings, a National Basketball Association (NBA) club, became the first sports team in history to allow players to be paid in crypto. “The Sacramento Kings have been actively using cryptocurrencies since 2014. The club sells everything from match tickets to hot dogs and drinks for bitcoins.
