Trevor Lawrence denies losing $15 million in crypto
As cryptocurrency prices have plummeted over the past few weeks, the many professional athletes who have bragged about being paid in cryptocurrency and how much money those athletes have lost have come under increased scrutiny. Most notably, a viral story has claimed that Jaguars quarterback Trevor Lawrence has lost $15 million after taking his entire $24 million in cryptocurrency signing bonus last year, which is now worth just $9 million.
One problem with this story: It's not true.
Lawrence made this clear on Twitter today, explaining that when he said he received a cryptocurrency signing bonus last year, he was referring to the signing bonus he received for an endorsement deal with cryptocurrency exchange FTX. He didn't reference his $24 million signing bonus as a first overall pick in last year's NFL draft.
"Did you guys mix up my @FTX_Official Signing Bonus with my @NFL Bonus?" Laurent wrote.
It should have been clear from the start that the story was wrong. First of all, NFL players cannot actually be paid in cryptocurrency. You will be paid in US dollars. What they do with those dollars is their own business, and some players may invest heavily in cryptocurrency just as other players invest in stocks or real estate.
And income tax is withheld from players' paychecks, so Lawrence never had $24 million to lose. Lawrence's after-tax signing bonus was approximately $15 million. So if he invested his entire signing bonus in bitcoin, he wouldn't have run out of $15 million unless the price of bitcoin reached zero. And even though bitcoin is down more than 60 percent from its all-time high in November, it's still nowhere near zero.
But again, Lawrence didn't put his entire signup bonus into bitcoin. Lawrence makes money from cryptocurrency through his endorsement deal with a cryptocurrency exchange, and if he puts that money into cryptocurrency, then he has lost a lot of money since his endorsement deal began. But he didn't lose $15 million.
Trevor Lawrence denies losing $15M in crypto originally appeared on Pro Football Talk
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