Chiefs TE Sean Culkin Pledges to Convert Entire Salary Into Bitcoin
Chiefs tight end Sean Culkin is doubling down on cryptocurrency by becoming the first NFL player to commit his entire salary to Bitcoin.
The 27-year-old joined the Chiefs in February on a reserve/future contract that would pay him $920,000 in base salary if he makes Kansas City's roster.
"I fully believe Bitcoin is the future of finance and I wanted to prove that I have real skin in the game—not just trying to make a quick buck," Culkin tweeted Monday. "I will be converting my entire 2021 NFL salary to Bitcoin."
Culkin, who majored in finance at the University of Missouri, has featured in 19 NFL games over the last four seasons. He was signed by the Chargers as an undrafted free agent in 2017 and spent much of last season on the Ravens practice squad.
“Considering my career—particularly its physical demands, and brevity–it makes the most sense to be paid in sound money that I believe protects its purchasing power over time,” Culkin said in a statement.
Culkin isn't the first player to invest his NFL earnings into cryptocurrency. Offensive tackle Russell Okung famously converted half of his $13 million salary with the Panthers last year into Bitcoin.
On Monday, Trevor Lawrence announced that he has signed an endorsement deal with investment app Blockfolio that will see the presumptive No. 1 pick in this weekend's NFL draft paid entirely by the company in cryptocurrency.
Like Okung, Culkin will receive his salary in dollars before using a salary-to-bitcoin service that will automatically convert his earnings into the volatile cryptocurrency. According to The Street, Bitcoin's value dropped 14% from April 19 to April 24 and traded at $53,574 on Monday.
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