Russell Okung, the renowned NFL player, the largest American football league in the United States, is the first professional player to accept payment of his salary in Bitcoin.
In a new milestone for Bitcoin this 2020, professional American football player, Russell Okung, of the National Football League (NFL) of the United States, becomes the first athlete to accept his salary in the first cryptocurrency From the market: Bitcoin (BTC). In May 2019, Okung posted a tweet that said “pay me in Bitcoin”, meaning “pay me in Bitcoin”, as a declaration that he wanted to receive his salary, or part of it, in the popular cryptocurrency. Well, his wishes have come true, as the NFL accepted the request and will process the payment in BTC through the company Zap and its Strike product.
According to sports journalist Ian Rapoport, both Okung and Zap confirmed that the professional player will receive 50% of his annual salary of 13 million dollars in Bitcoin, and he will do so through the aforementioned company, which will be in charge of converting the payment made by the NFL to Okung to Bitcoin, automatically. In this way, technically the team will continue paying the professional player in dollars, but Zap will make the exchange so that Okung receives it in its equivalent in bitcoins. So, with an annual salary of 13 million dollars, Okung will receive about 230 BTC, according to the price of the cryptocurrency in the markets. $28.140 USD, at the time of this edition.
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Bitcoin was born to bring power and freedom back to society
Okung is very clear about what Bitcoin means and will come to mean to society. In addition to being a professional athlete, Okung is a staunch advocate of Bitcoin and cryptocurrencies, and says they are an alternative for people to regain power and control over their own finances. Okung, at just 32 years old, understands what it's like to not own your own money, feeling frustrated by the lack of economic power that many athletes have, especially if they are of color. For this reason, Okung is promoting a project focused on helping people regain their financial independence.
At the end of 2019, said He became the “Bitcoin guy” for his team after discovering the cryptocurrency’s potential to regain their power and economic dominance, which is not just about having money. Okung says that because he is black, many see him in a similar light to a lottery winner, who can suddenly have $100 million in his account, but without having any kind of financial knowledge. For the athlete, Bitcoin gives him back that power; by managing his own money, he and millions of users around the world can demonstrate their ability to manage their funds properly, and break with various paradigms present in society.
“Bitcoin is one of the few financial assets that offers a safe haven from a global recession, when it comes. The financial advisor does not recommend Bitcoin because he does not make money selling it to clients.”
While many will see their fortunes plummet, with the dollar weakening by the day and inflation soaring, those holding BTC can rest assured of success, says the athlete, who also argued that his firm belief in Bitcoin has led him to educate his friends and family about the cryptocurrency’s potential, and “shamelessly” encourage his team to adopt Bitcoin.
Lightning Network for fast and cheap payments
The company that will process Okung's salary payment in BTC uses the network Lightning Network to ensure fast, effective and economical payments. Jack Mallers, founder of Zap, says that all the magic of his Strike product is thanks to LN, which allows him to receive a direct deposit from the team and then exchange the dollars for bitcoins in a fast, economical and secure process, which sends the BTC to Okung immediately.
Strike, which has been in operation for over a year now, also connects to traditional bank accounts, Mallers said. Finally, the company founder cited that Okung’s arrival at Zap will mark the start of a big year for the company, which is already preparing to see the arrival of more big names in the sport, and to process the “seven-figure” payments that professional players receive.
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