The recent LUNA crash and overall negative trends in the crypto market may have caused some top NFL players like Trevor Lawrence and Saquon Barkley to lose millions of dollars as they invested portions of their salaries and signing bonuses in cryptocurrencies, particularly Bitcoin (BTC).
Recently, the crypto industry suffered a loss of over $300 billion after the Terra Ecosystem projects crash that severely impacted the entire crypto economy. The crash affected many coins, especially BTC, as many investors panic sell their holdings amid negative market trends.
While NFL stars may not be struggling financially as regular folks, some of them may be feeling the burn from the current BTC crash, which is over 57% below its all-time high of over $68,000 in November 2021.
Professional athletes were among the first to jump on the cryptocurrency bandwagon, investing portions of their salaries and signing bonuses into BTC and other cryptocurrencies.
Given the current crypto bear market, some NFL players who chose to have part of their contracts paid for in cryptocurrency may have lost a significant amount of money.
Action Network recently conducted an analysis of how much last week’s crypto crash could cost some NFL players, and the numbers say a lot about the market crash.
Speaking of Lawrence, the 22-year-old Jacksonville Jaguars quarterback could have lost about $10 million. In 2021, the first overall pick in that year’s NFL draft contracted with Blockfolio to convert his $22,630,055 signing bonus into cryptocurrency. The same bonus is now worth over $9.3 million, which means he has lost over $13 million.
In 2020, Russel Okung, a former offensive tackle player for the Carolina Panthers, made headlines when he converted half of his $13 million salary into BTC. His $6.5 million investment could have been reduced to around $2.7 million.
Another is an American football running back, New York Giants’ Saquon Barkley, who invested $10 million and lost about $5.9 million, according to Action Network.
Futhermore, the action network issued a disclaimer stating that the amounts presented are not entirely accurate due to the failure to disclose sensitive financial information. However, the data shows how volatile the cryptocurrency market has become over the past few days.