Trevor Lawrence rejects the inaccurate report that he misplaced a  million NFL rookie signing bonus as a result of cryptocurrency crash

Trevor Lawrence rejects the inaccurate report that he misplaced a $24 million NFL rookie signing bonus as a result of cryptocurrency crash

Trevor Lawrence has dispelled an inaccurate report on Tuesday that steered he had misplaced important worth in his NFL rookie signing bonus by investing it in cryptocurrency.

The report caught fireplace from a BetOnline tweet that confirmed how a lot cash skilled athletes had misplaced by taking their cash in cryptocurrencies. Close to the highest of the checklist was Lawrence, with an inventory entry of $24 million, roughly the quantity of his NFL signing bonus.

The tweet incorrectly reveals a lack of $15 million and a lower in worth of 62.7 p.c.

Besides: Lawrence NEVER took his NFL signing bonus in cryptocurrency. As outlined in an April 2021 Decrypt article, the signing bonus in query Lawrence obtained comes from a multi-year, multi-million greenback paid endorsement with Blockfolio, now going by FTX, and never his NFL wage. FTX is a crypto pockets monitoring, shopping for and buying and selling app.

Though Blockfolio/FTX didn’t disclose the phrases of the deal, it did acknowledge a “important signing bonus,” reported within the low seven figures. That signing bonus was absolutely invested in cryptocurrencies. The report suggesting Lawrence had misplaced tens of millions of {dollars} appeared to conflate his NFL signing bonus with Blockfolio’s signing bonus.

So, there appears to be a whole lot of preliminary confusion about Blockfolio/FTX’s use of “signing bonus” vs. an NFL “signing bonus.”

MORE: Odell Beckham Jr.’s Bitcoin-Based mostly Contract With Rams Might Be Dramatically Affected By Latest Value Drop

Lawrence set the document straight on Wednesday in response to a tweet from Barstool Sports activities:

The thought of ​​accepting salaries in cryptocurrencies shouldn’t be an afterthought. Former Panthers offensive deal with Russell Okung pioneered the apply, taking half of his $13 million wage with the crew within the type of Bitcoin.

The precise apply these athletes interact in is taking cash in USD and investing it instantly into the cryptocurrency of their selection. That apply apparently got here again to chew Rams huge receiver Odell Beckham Jr. after it was reported that his one-year, $1.25 million contract was paid for solely in Bitcoin.

On the time he used his wage to purchase Bitcoin, it was price $64,000. In keeping with a January report by Darren Rovell, the worth of Bitcoin had dropped dramatically, to roughly $35,000, a big loss for Beckham. The receiver might nonetheless get the cash again from him and extra if Bitcoin appreciates in worth, however his plan to take a position long-term within the foreign money definitely resulted in a short-term loss.

That doesn’t seem like the case for Lawrence, whose NFL signing bonus is reportedly not tied to any cryptocurrency.

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