Trevor Lawrence asked to be paid in Crypto currency

[PromoTheRobot]

How's that working out?

 

 

 

[ddaryl]

A fine case of 2 in the bush

[GunnerBill]

Hope he spent some of it on a financial advisor who encouraged him to sell at the right time. 

[RoyBatty is alive]

Not all Crypto Currencies are created equal.  Depends which ones you own.

Edited June 21, 2022 by RoyBatty is alive

[Franco_92]

If he was willing to go through with that, I highly doubt he sold and locked in any significant losses. Someone willing to take a paycheck in BTC isn't panicking when price goes down (as it has many ti.es before) in the face of such ***** macro conditions 

And I hope PTR leaves this thread unlocked so we can come back at a future date and see exactly "how that's working out"

[Allen2D̶i̶g̶g̶s̶TBD]

The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins.

[DrDawkinstein]

Says he got paid on May 2, 2021. Right when BTC was peaking at ~$58,000. And then crashed the next week back to ~$30k.

 

Rough if the timing is accurate, but it did jump up again in November to an all time high in the $60ks, so maybe he sold off then after seeing how the summer went.

 

Or he's still holding for the long haul. I'm sure he's mostly living off endorsement money anyways. Football money is to play/invest/gamble with for some of these guys.

[K D]

Any investment you make can go up or down. If you are over-leveraged or sell it when it's down then you are an idiot no matter what you are into. Typically you sell when it goes back UP so the fluctuations shouldn't bother you if you are in something long term. Did you think people that owned real estate were dumb in 2008?

 

When things go down is when you should be buying. Crypto is on sale right now. If you think it's dumb then don't buy it, but I think it's already proven that it has staying power. It's bottomed out like this a few times now and the current lows are the 2017 highs, back when everyone started freaking out about it as a great investment. The next time it bottoms out it might drop under 6 figures and people will be laughing about it again then saying how dumb people were to buy it when a lot of us bought it for pennies on the dollar and are way up either way.

 

Also, some purists people believe crypto is the $ of the future so if that's the case then it doesn't matter how it correlates to USD because if some day USD doesn't exist or inflation goes so high that it's worthless then you want crypto stashed away either way.

Edited June 21, 2022 by KDIGGZ

[What a Tuel]

Whats the advantage to being paid in crypto as opposed to being paid in usd and then buying crypto with it? Isnt it taxed as income either way?

[The Wiz]

26 minutes ago, Allen2Diggs said:

The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins.

Almost 23m in kickbacks though?

Edited June 21, 2022 by The Wiz

[DabillsDaBillsDaBills]

2 minutes ago, What a Tuel said:

Whats the advantage to being paid in crypto as opposed to being paid in usd and then buying crypto with it? Isnt it taxed as income either way?

 

That's my understanding of it. The advantage would be the crypto company giving the celebrity $$ in a separate deal to promote their product. 

 

Pretty stupid tweet anyway. We have no idea if Lawrence is still holding crypto or not. It's very believable he dumped his position for a nice gain. 

[GoBills808]

7 minutes ago, DabillsDaBillsDaBills said:

 

That's my understanding of it. The advantage would be the crypto company giving the celebrity $$ in a separate deal to promote their product. 

 

Pretty stupid tweet anyway. We have no idea if Lawrence is still holding crypto or not. It's very believable he dumped his position for a nice gain. 

Is it? Doesn't it get taxed?

[PonyBoy]

43 minutes ago, Allen2Diggs said:

The athletes who asked to be paid in crypto probably got kickbacks in order to promote those coins.

 

Hmm... Interesting opinion...

 

[ControllerOfPlanetX]

I get paid in soybeans.

[DabillsDaBillsDaBills]

4 minutes ago, GoBills808 said:

Is it? Doesn't it get taxed?

 

Yea, crypto is viewed as property by the IRS so it would be taxed. 

 

If he sold at a profit and had to pay capital gains taxes he'd still be up overall. If he sold at a loss he'd be able to take that as a tax deduction. 

[RocCityRoller]

1 hour ago, GunnerBill said:

Hope he spent some of it on a financial advisor who encouraged him to sell at the right time. 

 

I wonder what kind of financial advisor was willing to be paid in Bitcoin?

 

[HappyDays]

It turns out if you buy into a new market after watching a celebrity Super Bowl ad, you're not getting in on the ground floor.

[RocCityRoller]

7 minutes ago, ControllerOfPlanetX said:

I get paid in soybeans.

get paid in wheat and you will be wealthy this fall

[billsbackto81]

Not my cup of tea but I won't make fun of the man or anyone else who took a chance. Not all investments pan out and scared money don't make money. At least he has plenty of money and can recomp his losses eventually. 

[ticketssince61]

10 minutes ago, DabillsDaBillsDaBills said:

 

Yea, crypto is viewed as property by the IRS so it would be taxed. 

 

If he sold at a profit and had to pay capital gains taxes he'd still be up overall. If he sold at a loss he'd be able to take that as a tax deduction. 

 

I am not an accountant, but I think, you can only deduct capital losses to offset actual capital gains.

 

So it might take a long time, to get the tax benefit