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NFL Player Trevor Lawrence Lose Millions Of Dollars In Bitcoin After Receiving $24M Signing Bonus In BTC
Football Quarterback Trevor Lawrence Lose Millions Of Dollars In Bitcoin.
Word on the streets has it that football player Trevor Lawrence’s wealth may be down by $15 million due to the Bitcoin crash.
Truth be told, the 2022 crypto crash is inflicting pain in all corners of the community. However, it’s notable that a lot of big-money investors, seem to put their money in Bitcoin. That’s what Trevor Lawrence did. Trevor is a popular American football quarterback playing for the Jacksonville Jaguars in the NFL.
Apparently, when he joined the team, Trevor received a signing package amounting to around roughly $24M. Trevor decided to partner with Blockfolio, to have his signing bonus paid in Bitcoin.
When he received his bonus in BTC, the coin was valued at around $54k per piece. Since then, BTC has shed close to 60% of its value. At press time, BTC is worth roughly $20,700. This means that Trevor’s stash is now worth less than half its original value in USD. His $24M USD is now worth only $8.96M.
Image source: Twitter
However, it’s notable that after Trevor received his payment, Bitcoin’s price skyrocketed to the high of $69k before going down. In this case, he could have made a significant profit if he cashed out.
He’s Not Alone
Trevor Lawrence isn’t the only sports personality to bet on cryptos. According to a list posted by Sentinel reporter David Furones mentioned above, a number of others did the same. Still, Trevor put in the highest amount.
Is It Truly Gone, Though?
The report about this loss has fueled a debate on whether it’s really smart to put money in cryptocurrencies like BTC. According to some, who somehow appear not to know much about the crypto industry, it’s a bad move that leads to loss of money. This notion can be seen in how Trevor’s apparent loss is reported. From a rookie’s point of view, he totally lost money. From a crypto-savvy point of view, his BTC stash is simply temporarily devalued.
The crypto market has had its ups and downs over the years. A bear market, regardless of how long it takes, always ends up turning into a strong bull run. In this case, Trevor Lawrence could be in for huge profits when BTC finally pumps if he didn’t cash out his stash.
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