Popular celebrities have been turning to adopt Bitcoin (BTC) over the last few months and the latest to join is NFL star, Saquon Barkley. Appearing on “The Best Business Show”, the star from New York Giants said that he will accept Bitcoin payments for all future marketing and endorsement deals.
Barkely cites rising inflation as the reason for moving to BTC. He said:
“You see inflation and you see how high it is right now, and you learn that you can’t save your wealth. So that’s why I’ll be taking my marketing money in bitcoin.”
He also stated that he will leverage the crypto app Strike to accept and transact all future Bitcoin payments. Apart from just investing in inflation-beating assets, Barkley is keen on generating “generational wealth” off the field, and thus Bitcoin (BTC).
The NFL Star already has an impressive endorsement portfolio under the belt. This includes some popular brands like Nike, Dunkin Donuts, Toyota, Pepsi, Visa, and Hulu. Saquon Barkley generates a massive $10 million every year as his marketing and endorsement income.
There’s been growing interest in Bitcoin among NFL stars over the last year. In 2020, Russell Okung from Carolina Panthers announced that he will be converting half of his $13-million salary in Bitcoin. Top NFL draft Trevor Lawrence also signed a deal with popular crypto app Blockfolio. He agreed to accept payments in Bitcoin (TC), Ethereum (ETH), and Solana (SOL).
The fears of inflation are real with the Federal Reserve pouring massive stimulus into the economy over the last year. With Bitcoin offering nearly 200% compounded returns over the last decade, it remains the best bet against inflation. Not only popular figures, but a lot of retail players have resumed buying Bitcoin to counter the growing inflation.
For the last month of June 2021, the Consumer Price Index (CPI) surged 5.4% hitting a 13-year high. Addressing the U.S. Congress earlier this week, Fed Chairman Jerome Powell said:
“The challenge we’re confronting is how to react to this inflation, which is larger than we had expected or that anybody had expected. To the extent that it is temporary, then it wouldn’t be appropriate to react to that.
But to the extent that it gets longer and longer, we’ll have to continue to reevaluate the risks that would affect inflation expectations and would be of longer duration and that’s what we’re monitoring”.
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