The success of Bitcoin is no new story! Ever since its boom in late 2017-18, it has the possibility of being the first million-dollar token that has been doing rounds of the internet. Interestingly, post its all-time high boom around the $70,000 mark, we had already witnessed the token initiating a cult following among its believers.
Today, everybody is seeking to add Bitcoin to their portfolio, from common investors to some of the most prominent people in business and celebrities. However, if that’s not all, here’s something that might amuse you: the Green Bay Packers quarterback star, Aaron Rodgers, announced accepting his million-dollar salary in BTC earlier in November 2021.
Considering the same, we expect his salary to have dropped by a massive sum (considering BTC’s latest all-time low performances). But is it really the matter? Could he still be accepting BTC as a payment option?
Let’s find out as we delve into the celebrity crypto trend and understand how such dynamics affect the industry in the following sections of this blog.
Is Aaron Rodgers Getting Paid In Bitcoin: An Insight Into The Announcement?
The entire Aaron Rodgers Bitcoin facade started with the Green Bay Packers star expressing his love for BTC in a tweet. In his tweet, ‘I believe in Bitcoin & the future is bright,’ Aaron announced that he was accepting an undisclosed amount of his $22.4 million salary in Bitcoin.
More insight into the announcement:
The tweet came in the form of a video announcement that Rodgers made via a video on his Twitter page in November 2021. The superstar began his video with the popular rallying cry before announcing that he has teamed up with Cash App and will receive a part of his salary in Bitcoin.
He further announced that the mobile payment service was giving away Bitcoin worth 1 million to his fans. Interestingly, the announcement wasn’t made in any formal manner. Instead, Rodgers made the video while still wearing his John Wick-inspired Halloween costume.
Market Reaction To The Rodgers Announcement
A few minutes after the famous Aaron Rodgers BTC announcement, the token’s value peaked above the $69,000 mark, making it one of the most significant boosts of 2021.
However, since then, the token has followed a similar trajectory as Aaron’s team’s post-season performance, moving below the $38,000 mark (currently revolving around the $16,000 mark), presenting a nearly 50% decline following his announcement more than a year ago.
Interestingly, while the superstar announced receiving the tokens, there wasn’t much insight into the information. It was primarily unclear what portion of his $33.4 million salary he would receive in BTC.
Could Aaron Still Be Receiving His Salary In Bitcoin?
While the prospects of receiving BTC as a salary have been great, things are different in 2022. This year welcomed a harsh crypto winter affecting present-day investors and traders.
Over the year, Bitcoin has declined by 70%, going from its bullish $70,000 run to a mere $16,000 range-bound phase. So now, talking about Aaron receiving salary in cryptos, there could be either of these situations in 2022:
- The Green Bay Packers legend continues to receive his salary in Bitcoin, only to add to his portfolio as a means of HODLing strategy.
- Since his renewed contract extension for another three years, he might have stopped accepting his salary in tokens looking at the market volatility.
- The entire Aaron Rodgers Crypto Bitcoin tweet was part of a promotion and had nothing to do with Aaron receiving funds in BTC.
Aaron is among the many celebrities manipulating crypto prices if it was the last notion. Interestingly, this isn’t new! Over the years, we’ve witnessed several celebrities like Odell Beckham Jr., Trevor Lawrence, and Andre Iguodala, among others, continually talk about cryptos.
But could this be another means of influencing the crypto market? Let’s find out in the following section of our blog.
The Celebrity Influence On Cryptos
In its short but brief two-decade-old journey, the crypto industry has witnessed everything from being nothing to the most impactful technologies. Today, we have celebrities pushing for cryptos and NFTs at a speed that was once limited to their viral TitkTok dance trends.
The artists among them insist that these tokens are meant to introduce us to the next big thing around the investment genre. These projects and the technology backing them could be the only thing the young investors should be focused on.
But is it really the deal? Have the once ignorant influencers turned to cryptos for the technology or the potential?
We think no!
Wealthier celebrities are into the crypto trend only for the money it brings. Most of the endorsements you see today are part of big billion-dollar deals that are a small fraction of the current BTC price.
To date, we have witnessed several professional athletes turning to Bitcoin believers, putting some of their earnings into these tokens. Here’s a list of some of the most famous sports professionals and how they’ve affected the market:
|Athlete||Sport||Date Of Announcement||How They Impacted The Market|
|Shohei Ohtani||MLB||11/16/2021||Positively (10%)|
|Odell Beckham Jr.||NFL||11/22/2021||Positively (12%)|
|Aaron Rodgers||NFL||11/1/2021||Positively (18%)|
|Ifunanyachi Achara||MLS||05/3/2021||Positively (9%)|
|Cade Cunningham||NBA||08/19/2021||Positively (6.5%)|
|Klay Thompson||NBA||01/10/2022||Positively (21%)|
|Andre Iguodala||NBA||01/10/2022||Positively (15%)|
|Saquon Barkley||NFL||07/14/2021||Positively (14%)|
|Russell Okung||NFL||12/29/2020||Positively (5%)|
|Trevor Lawrence||NFL||04/26/2021||Positively (9.5%)|
Looking at the market movements post the announcement, there are no second thoughts about how easily these influencers can move the market. Therefore, it’s only evident that more startups are running behind them for endorsements and pumping up the value of their project.
Should You Avoid Cryptos Altogether?
No! Over the years, cryptocurrencies have presented a magnificent potential for growth in their sector. While the market is volatile, several positives add to the investors.
For instance, the rising demand for P2E games, the increase in Blockchain technologies in different industries, and businesses accepting crypto as a legal tender, among others.
However, before you’re all set to invest, ensure that you’ve researched the project properly. All the best!