CBS Sports: Carolina Panthers offensive lineman Russell Okung is set to make a bit of history off the field. He has become the first NFL player to have part of his contract paid in the cryptocurrency Bitcoin.
Okung’s setup comes via Zap, which is a bitcoin app that was founded by Jack Mallers. Zap’s Strike product is going to take Okung’s paychecks and convert them into bitcoin. According to Yahoo Finance, the Panthers offensive tackle will have half of his $13 million yearly salary paid in bitcoin.
Opinion: Bitcoin goes mainstream. While Russel Okung did not get paid in bitcoin directly from the NFL, he converted 1/2 of his compensation after being paid.
It is not happening in a vacuum. Our post from December 28 (here): “There is no end in sight for money printing to stop which is propelling the bitcoin narrative”.
The most dangerous enemy of the United States is not China or Russia. It is the declining US dollar. Money printing that began in 2009 as a vain attempt to solve the financial crisis for a new president failed.
To make matters worse, after the $4 trillion was printed and distributed to US and foreign banks, the money printing never stopped. in fact, in the past 8 months another 7-10 trillion has been created with no thought of ever paying the debt it created back. It’s too big.
From Bitcoin.com website here:
Bitcoin is a decentralized peer-to-peer electronic cash system that does not rely on any central authority like a government or financial institution. All transactions are recorded on a global public ledger called the blockchain.
Bitcoin’s Key Features
Nobody controls or owns Bitcoin. Transactions cannot be altered or censored
Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies
Quantitative Easing (QE) has added trillions of dollars in circulation around the world. New dollars debase existing dollars causing a consumer to spend more and more to pay for the same goods and services. Think of it as stealth inflation.
Bitcoins will always remain a fixed number.
Open to All
Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.
If all that is hard to understand, think of it this way. Bitcoin is a store of value whose usage can change but the number of coins will never change. It is a fixed store of value.
The US dollar, however, does not change, but is constantly being diluted with new dollars. In times of financial crisis like 2008-9, and 2020, trillions of dollars have been created with virtually no way to pay off the debt.
For athletes to be demanding payment on signing bonuses and salary in cryptocurrencv, is a harbinger of things to come, and should be another wake up call to central bankers that they are losing control of money.