Russell Okung the First NFL Player to be Paid Earnings in Bitcoin
Russell Okung, the offensive lineman of the Carolina Panthers, is a huge supporter of Bitcoin. Since his first tweet about the demand for Bitcoin in 2019, the price of the asset has increased by more than 273 percent. With this Russ will be the first player to be paid in Bitcoin as a player from any major United States sports league.
Tweeting in May 2019, Russell said that he likes to be paid in Bitcoin.
Ian Rapoport from NFL Network reported Russell Okung’s yearly salary of $13 million, will be split in half for bitcoin and fiat.
The news was confirmed by Russ himself in a tweet he tweeted on 29th December.
Russell Okung – behind the scenes
The payment is powered by using Zap, a startup invented by Jack Mallers. This startup helps to power traditional payment methods swap into Bitcoin payments. In reality, Okung will be paid in fiat behind the scenes. The Carolina Panthers will carry out a direct deposit to lightning Network magic: Strike, and then will be changed back to bitcoin. The Bitcoin payment will then be stored in a cold storage wallet that belongs to Russell Okung.
What is Lighting Network?
The lighting network is an alternative system for sending bitcoin at a fraction of the cost and faster. However, this is much faster than using the Bitcoin network.
Though it is not clear if Russell Okung has a deal of some sort with Zap, this kind of news headline all over the Bitcoin community will affect the Bitcoin price. The more people invest in Bitcoin the more financial gain Russ will gain on his investment as an investor. CoinDesk reports that Strike is already coordinating with other players from the Brooklyn Nets and New York Yankees for Bitcoin payments.
What are your thoughts on Russell’s salary being paid in Bitcoin? Leave a comment on the comments section below.
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