The former offensive tackle for the Carolina Panthers, made headlines back in 2020 when he decided to take half of his $13 million salary in Bitcoin.
Fast forward four years, and that move has paid off big time, his investment is now worth over $21 million! It’s time for new headlines.
Fortune favors the brave
In 2020, Okung negotiated for $6.5 million of his salary to be converted into Bitcoin through a financial service called Strike.
At the time, Bitcoin was trading at around $27,000, allowing him to acquire apx. 240 BTC.
While many said this was a risky move, given Bitcoin’s notorious volatility, it’s turned out to be a winning play.
Of course, it wasn’t all smooth sailing, because in late 2022, Bitcoin prices took a nosedive, dropping to about $17,000.
That meant Okung’s investment temporarily shrank to around $4.08 million.
But instead of cashing out, he held on tight. He knew it already happened before, and the price recovered, because it based on math and physics.
The big comeback
After the U.S. presidential election in November 2024, Bitcoin prices surged dramatically, hitting an all-time high of over $93,000.
As of this week, it’s hovering around $90,000, which means Okung’s initial stash of 240 BTC is now valued around $21.36 million.
This increase effectively boosts the total worth of his Panthers contract to about $27.8 million.
So by investing half his salary in Bitcoin, Okung has added an extra $14.8 million to his financial portfolio. Well done!
Recently retired from professional football in 2023, Okung took to social media to celebrate his success, stating, “Results silence all debates.”
He’s also been championing a new initiative called Bitball, which wants to pay athletes in Bitcoin instead of traditional currencies.
Long term game
Interestingly, Okung isn’t planning to cash in on his windfall anytime soon. When asked how long he intends to hold onto his Bitcoin, he quipped, “How long do I plan to breathe?” It’s clear he’s committed to this investment for the long haul.
The jump in Bitcoin prices now can be traced back to Donald Trump’s victory in the 2024 presidential election.
This political shift has drawn significant inflows into digital assets, CoinShares reports that Bitcoin alone attracted $1.8 billion during this period.
But it’s not just Bitcoin that’s benefiting, Ethereum also gained $157 million in inflows as well, along with notable activity among alts like Solana and XRP.
Overall, the total crypto market cap reached a new high of $3.12 trillion earlier this month.
