Touchdown
In the US, football is one of the biggest sports with the NFL at the heart of it all. This year, like every year, more players will be leaving D1 college programs and joining the NFL. One of the most famous names in this bunch is Trevor Lawrence, quarterback, and projected number 1 overall pick for this year’s draft. Along with scoring a contract with an NFL team, Lawrence has been making several deals with all sorts of sports and athletics-based companies, but of his sponsors one stands out… Blockfolio. Blockfolio is a cryptocurrency portfolio tracker. Not only did Lawrence sign a deal with a crypto related company, but he did so with a payment in crypto. According to the Action Network, Lawrence accepted his signing bonus from this endorsement deal exclusively in crypto last Friday night in a mix of Bitcoin, Ethereum and Solana. Each of these cryptos also went up over 7% between Friday night and Monday morning.
Lawrence’s deal is another signaling the overall move towards crypto that so many are making. It also shows how professional athletes and influencers are becoming more involved in cryptocurrency. Creators like Logan Paul even sold NFTs and made millions of dollars, crypto is in some ways another tool for those with influence to grow their bank accounts. But Lawrence isn’t the only football player on the field fond of crypto, in fact just this week Kansas City Chiefs tight end Sean Culkin announced on twitter that he will take his entire salary for the year in Bitcoin and that Bitcoin is the future of finance. Culkin claims he wanted to prove that he has real skin in the game and not just trying to make a quick buck.
What do you think about athletes getting involved in crypto? Is it just another brand deal? Or do they really care?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
