KANSAS CITY, MO. – When he sets up the Kansas City Chiefs roster earlier this season, Sean Culkin will be the first NFL player to convert all of his salary into bitcoin.
Culkin, who is trying to be a backup behind starter Travis Kelce, would receive his $ 920,000 salary from the Chiefs in US dollars, but will in turn convert it to Bitcoin.
“I’ve always had a keen interest and passion for finance and business since my time at Mizzou,” said Culkin. “Even before that, my father was big and very optimistic about gold. Early on I was exposed to his philosophies, which made gold an insoluble investment from a macroeconomic point of view. There is a lot of overlap between gold and bitcoin. I really have my whole time in Spent last year’s off-season hearing about this growing space in crypto, it just seemed like it was getting bigger and bigger.
“Through education and learning and a certain level of conviction over time, I just felt like I wanted to be compensated in Bitcoin from my achievements in football.”
Culkin, 27, joined the Chiefs last February on a reserve / future contract. He tweeted his decision on Monday, saying Bitcoin was “the future of finance”.
I firmly believe that Bitcoin is the future of finance, and I wanted to prove that I had real skin in it – and not just trying to make money quickly. I will convert my entire NFL salary to for 2021 #Bitcoin.
– Sean Culkin (@ culkin22) April 26, 2021
Culkin has played 19 career NFL games and caught two passes for the Los Angeles Chargers and Baltimore Ravens. But he said the upcoming season would be his first to convert his paycheck into bitcoin.
“I want to do this with the idea that it will keep rising in the long run,” he said. “For me this is a long-term game, a generational game. The more research I did and the more I zoomed out, the less I associated volatility with risk. I saw Bitcoin growing so exponentially.
“There will be some big pullbacks and break-ins, and people will probably say I’m crazy, but I’m focusing in the long run. In the long run, it’s a stored value. What makes Bitcoin so unsolvable is its scarcity. It is over time Deflationary by nature. If you look at history, it treasures itself over time. “
Veteran offensive lineman Russell Okung announced last December that roughly half of his 2020 salary would be converted to bitcoin by the Carolina Panthers. And quarterback Trevor Lawrence, who is likely number 1 among draft picks, signed an endorsement deal with cryptocurrency investment app Blockfolio on Monday. The company said its signing bonus will come in cryptocurrency.
The Associated Press contributed to this report.