Sports are opening to Bitcoin and Cryptocurrencies.
Trevor Lawrence had a phenomenal college career at Clemson University and he is expected to be the number 1 pick in the NFL draft held by the Jacksonville Jaguars. The NFL draft is Thursday, April 29, 2021.
Lawrence is almost surely headed to the Jacksonville Jaguars who own the number 1 pick. He has partnered with a global cryptocurrency investment app called Blockfolio.
The terms of the deal have not been disclosed but Lawrence signed a multiyear endorsement deal and is going to get paid this week — in crypto. Lawrence has already received a signing bonus and the money was deposited into his account with Blockfolio.
“When it comes to my crypto portfolio, I wanted a long-term partner in the space that I could trust,” Lawrence said in a release.
Lawrence’s portfolio includes mainstream cryptocurrencies such as Bitcoin and Ethereum. He’s also invested in Solana, a lesser-known blockchain.
According to Spotrac, the signing bonus for this year’s №1 pick is an estimated $22,630,055.
“Trevor Lawrence is the future of professional football and cryptocurrency is the future of money, so the partnership was a no-brainer,” said Sam Bankman-Fried, CEO of Blockfolio.
“We believe that Trevor is the future of football, and we think that crypto is the future of finance,” said Blockfolio’s COO Sina Nader. “Trevor represents a lot of the promise and potential of football at the highest level, and we think that crypto represents the same thing at the highest level of finance.”
Trevor Lawrence had an interest in cryptocurrencies.
“I’m really excited to be joining the Blockfolio team,” said Lawrence. “When it comes to my crypto portfolio, I wanted a long-term partner in the space that I could trust.”
In January 2021, Blockfolio began offering cryptocurrencies and trying to compete with apps like Coinbase. Prior to this Blockfolio was primarily a cryptocurrency app to track an investor’s cryptocurrency holdings.
Blockfolio is trying to reach a younger audience by partnering with Lawrence. FTX, Blockfolio’s parent company, paid $135 million in early April to secure the naming rights to the Miami Heat’s arena for the next 20 years.
Lawrence already signed a deal with Gatorade and now adding more nontraditional types of endorsements with Blockfolio.
Since signing the deal on Friday, Lawrence’s deal has already increased in value Monday morning. Each of the investments increased at least 7% between Friday night and Monday morning. Lawrence’s endorsement includes Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Trevor Lawrence is not the only football player getting involved with Bitcoin.
Recently, Kansas City Chiefs tight end Sean Culkin announced that he will convert his entire $920,000 base salary for this year into bitcoin.
Two years ago, Russell Okung wanted to get paid in Bitcoin. Okung converted half of his $13 million salary in December 2020. At the time, Bitcoin’s price was around $27,000. Since he owned Bitcoin, he has nearly doubled his investment.
Other sports are getting involved to pay their players with Bitcoin. The Sacramento Kings and Southampton, the English League Premier Team announced they would pay their players in Bitcoin.
Sports teams have also started to accept Bitcoin and other cryptocurrencies for payment. The Oakland Athletics and Dallas Mavericks started to accept cryptocurrencies for game tickets.
Sports and players are making the leap to get involved in Bitcoin and cryptocurrencies. Only a few years ago, companies stayed away from digital currencies.
With Trevor Lawrence signing deals with companies, it’s likely this trend will continue in the future. The also places an increased demand on Bitcoin. This will be interesting to see what this future draft pick does with his expected salary and any future endorsements.