New York Giants running back Saquon Barkley announced he would convert all future money made off the field to Bitcoin, citing inflationary concerns.
Barkley, who signed with the Giants in 2018, makes more than $10 million per year in endorsements, marketing, and sponsorship deals. He revealed those assets would not go into his physical wallet but rather a Bitcoin wallet during an appearance on the Best Business Show with Anthony Pompliano.
Barkley explained his goal is to attain wealth akin to Kevin Durant, Lebron James, and Tom Brady but said it’s not attainable through just saving because of inflation.
“You see inflation, you see how high it is right now, and you learn that you can’t save yourself to wealth,” Barkley said. “That’s why I’m going to be taking my marketing money in Bitcoin.”
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Inflation has run hot over the past few months and is consistently rising above the estimates of the Federal Reserve, Biden administration, and many economists. Consumer prices increased 5.4% for the year ending June, representing the highest inflation rate since 2008.
Barkley pointed out he suffered a season-ending injury last year. He tore his ACL in a game against the Chicago Bears, ending his season in just Week Two. He said sitting out of the game forced him to realize how easily his career can be taken away from him.
Barkley, the second overall pick in the draft, said he intended to live off of his marketing money when he came into the league. But after learning more about cryptocurrency and given the country’s soaring prices, he thinks investing in Bitcoin is the right decision to grow his wealth.
The former Penn State star plans to use the payment app Strike to convert his riches into cryptocurrency. Barkley is friends with Strike CEO Jack Mallers, who also appeared on the show.
He said Barkley is wise to put his money into Bitcoin because it may mean more wealth down the road.
“This is capital he wants his kids to use, his kids to have access to, buy a big house with,” Mallers said.
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Other NFL players have also embraced the crypto craze. In late 2020, Carolina Panthers offensive lineman Russell Okung announced on Twitter that half of his $13 million salary would be paid in Bitcoin, the first player to be paid that way.
In April, Kansas City Chiefs tight end Sean Culkin announced he would convert his entire salary into Bitcoin if he made the team’s roster in fall 2021. He was released the following month.
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Tags: News, Bitcoin, NFL, Sports, Cryptocurrency, Football, Marketing
Original Author: Zachary Halaschak
Original Location: NFL running back to convert all endorsement money to Bitcoin, citing inflation