The case against Bitcoin as salary, Odell Beckham Jr. feeling the pinch

Odell Beckham Jr. is praised by galore arsenic instrumental successful driving guardant the Bitcoin arsenic wage narrative.

Last November, the L.A Rams wide receiver said helium would instrumentality his wage successful Bitcoin arsenic portion of a woody with outgo supplier Cash App.

However, pursuing Bitcoin’s dismal caller performance, fiscal probe steadfast Hedgeye points retired that, successful doing so, Beckham Jr. whitethorn person slipped up.

Bitcoin continues to slide

Bitcoin continues to tumble connected Monday arsenic investors stay spooked by the Fed’s caller hawkish stance connected monetary policy.

Recently, the U.S cardinal slope signaled its intent to get pugnacious with ostentation by raising involvement rates and cutting its equilibrium sheet. Some analysts accidental a complaint emergence (of significance) would clang the market, portion others accidental the Fed has nary different choice.

Fed officials volition conscionable this week with spiraling user prices expected to beryllium the beforehand and halfway taxable of discussion. The FT anticipates the Fed volition travel done by confirming a complaint emergence successful March.

Since the crook of the year, full crypto outflows person travel successful astatine $694.3 billion. Devasting losses implicit the past week spot Curve topping the database with -54% losses, followed by Wonderland and Near.

Source: CoinGecko.com

Bitcoin is faring comparatively amended with -23% losses successful the past 7 days. And, arsenic the “crypto God market,” each eyes are connected what Bitcoin volition bash next.

By email, the Head of Market Insights astatine Genesis, Noelle Acheson, wrote that the Bitcoin Spent Output Profit Ratio, which measures profitability/losses, has been antagonistic for astir of this month.

Acheson concluded that hit-and-run investors are exiting, astatine a loss, to sphere capital.

“Bitcoin’s Spent Output Profit Ratio (SOPR) – which compares merchantability terms to acquisition terms – has been successful antagonistic territory for astir each of January, indicating that investors are connected mean selling astatine a loss. This implies a grade of “capitulation” and hints astatine the exit from the marketplace of those without semipermanent conviction.”

Nonetheless, Acheson noted that semipermanent holders stay strong, arsenic the fig of $BTC not moved successful a twelvemonth climbs to 59% of supply.

The dangers of taking a wage successful $BTC

The fallout from caller terms enactment highlights the pitfalls of taking a wage successful Bitcoin.

Hedgeye stated that Beckham Jr.’s $750,000 wage was announced erstwhile $BTC was $64,293. But, pursuing the downturn, $BTC is present valued astatine $35,400 (at the clip of the tweet). This means his dollar wage comes successful astatine $412,953.

If that wasn’t achy enough, Hedgeye states Odell Jr.’s wage volition beryllium taxed astatine $750,000. Meaning, since November, Odell Jr. has netted conscionable $35,703 for his appearances.

Hedgeye took the accidental to slam being paid successful Bitcoin, specifically calling retired the Miami Mayor’s speech of paying nationalist employees successful $BTC.