Trevor Lawrence has dispelled an faulty Tuesday report suggesting he had misplaced important worth in his NFL rookie signing bonus by investing it into cryptocurrency.
The report caught fireplace from a BetOnline tweet that confirmed how a lot cash skilled athletes had misplaced by taking their cash in cryptocurrency. Close to the highest of the checklist was Lawrence, with a listed entry of $24 million — roughly the quantity of his NFL signing bonus.
Look how a lot Trevor Lawrence misplaced on crypto 👀
(by way of @CoinJournal, h/t @DavidFurones_) pic.twitter.com/e8oYHTsMEe
— BetOnline.ag (@betonline_ag) June 21, 2022
The tweet inaccurately reveals a lack of $15 million and a 62.7 % lower in worth.
Besides: Lawrence NEVER took his NFL signing bonus in cryptocurrency. As described in an April 2021 article by Decrypt, the signing bonus in query Lawrence acquired is from a multi-year, multi-million greenback paid endorsement with Blockfolio, which now goes by FTX, and never together with his NFL wage. FTX is a crypto portfolio monitoring, buying and alternate app.
Although Blockfolio/FTX didn’t launch phrases of the deal, it did acknowledge a “important signing bonus,” reported within the low seven figures. That signing bonus was utterly invested in cryptocurrency. The report suggesting Lawrence had misplaced hundreds of thousands of {dollars} appeared to conflate his NFL signing bonus with the Blockfolio signing bonus.
So, it appears, there may be numerous preliminary confusion over the Blockfolio/FTX utilization of “signing bonus” vs. an NFL “signing bonus.”
Lawrence set the report straight on Wednesday in response to a Barstool Sports activities tweet:
Did y’all confuse my @FTX_Official signing bonus with my @NFL one? Stick with it… https://t.co/pd7FS198yr
— Trevor Lawrence (@Trevorlawrencee) June 22, 2022
The thought of accepting salaries in cryptocurrency is just not a breaking improvement. Former Panthers offensive sort out Russell Okung was a pioneer in the practice, taking half of his $13 million wage with the staff within the type of Bitcoin.
The precise observe these athletes are partaking in is taking cash in USD and investing it straight into their cryptocurrency of selection. That observe has seemingly come back to bite Rams receiver Odell Beckham Jr., after it was reported his one-year, $1.25 million deal was paid totally in Bitcoin.
On the time he used his wage to purchase Bitcoin, it was value $64,000. Based on a January report from Darren Rovell, the worth of Bitcoin had fallen drastically, to roughly $35,000 — a major loss for Beckham. The receiver might nonetheless make his a refund and extra if Bitcoin appreciates in worth, however his plan to speculate longterm within the foreign money undoubtedly resulted in a short-term loss.
That does not look like the case with Lawrence, whose NFL signing bonus is reportedly not tied to any cryptocurrency.
