Trevor Lawrence denies losing $15 million in crypto

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As cryptocurrency prices have plummeted in recent weeks, there’s been increased scrutiny on the many professional athletes who have bragged about getting paid in cryptocurrency, and how much money those athletes have lost. Most notably, a viral story has claimed that Jaguars quarterback Trevor Lawrence lost $15 million after taking his entire $24 million signing bonus last year in cryptocurrency that’s now worth just $9 million.

One problem with that story: It isn’t true.

Lawrence made that clear on Twitter today, explaining that when he said last year he got a signing bonus in cryptocurrency, he was referring to the signing bonus he got for an endorsement deal with cryptocurrency exchange FTX. He was not referring to his $24 million signing bonus as the first overall pick in last year’s NFL draft.

“Did y’all confuse my @FTX_Official signing bonus with my @NFL one?” Lawrence wrote.

It should have been obvious from the get-go that the story was bogus. For starters, NFL players can’t actually get paid in cryptocurrency. They get paid in U.S. dollars. What they choose to do with those dollars is their own business, and some players may invest heavily in cryptocurrency, just like other players invest in stocks or real estate.

And income tax is withheld from players’ paychecks, so Lawrence never had $24 million to lose in the first place. After taxes, Lawrence’s signing bonus was about $15 million, so if he had put his entire signing bonus into Bitcoin, he wouldn’t be out $15 million unless the price of Bitcoin hit zero. And while Bitcoin is down more than 60 percent from its all-time high in November, it’s still nowhere near zero.

But, again, Lawrence did not put his entire signing bonus into Bitcoin. Lawrence is making money off cryptocurrency through his endorsement deal with a cryptocurrency exchange, and if he puts that money into cryptocurrency, then he’s lost a lot of money since his endorsement deal started. But he hasn’t lost $15 million.

16 responses to “Trevor Lawrence denies losing $15 million in crypto

  1. Never let facts get in the way of a good story. It’s shameful what is posted in the media & social media – and believed by many. I’m glad TL answered it quickly.

  2. “ Cryptocurrency is the modern day fools gold!”

    I remember saying this when it’s market cap got up to $100M, then again when it got to $1B, then again when it got to $100B, and now again that it’s at $1T. So many people root against crypto and want it to fail to justify their lack of investment over the past 12 years. While it’s certainly volatile and has large swings in price, it’s going to be around for decades to come. Even now that it’s being declared “dead” for the 1,000th time.

  3. Regardless, he should be equally worried about the other kind of losses that will affect his career between the lines. Those are indicative of what his future earnings will be as well. Very indicative

  4. So he didn’t lose his money but endorsed a product that led to many others losing their savings.

  5. And if he did lose a ton of money on crypto do you think he would admit it?

  6. Hey — just like portfolios should be diversified by different capital equities, bonds and real estate, so should crypto. No problem owning crypto, just keep the eggs in multiple baskets.

  7. Rule #1 about other peoples money & how they spend it. It’s NONE of my business.

  8. you never hear from ppl who frequent casinos about their losses…only how much they won

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