Yahoo Sport 
Chiefs cut TE Sean Culkin, who planned to put entire salary into Bitcoin
Sean Culkin’s crypto plan will have to wait.
Culkin, who announced last month that he planned to convert his entire salary from the 2021 season into Bitcoin, was released by the Kansas City Chiefs on Monday.
The Chiefs have released TE Sean Culkin, who was planning to have his salary converted to Bitcoin if he made the roster this season.
— Field Yates (@FieldYates) May 10, 2021
Culkin was picked up by the Chiefs on a reserve/future contract in February. The former Missouri tight end has appeared in 19 games in four seasons in the league, and he has two catches for 36 yards. Culkin spent his first three seasons with the Los Angeles Chargers and was on the Baltimore Ravens’ roster last year.
Culkin was the first NFL player to publicly announce that he was planning to convert his entire paycheck into cryptocurrency. It’s not known how many others have invested into Bitcoin or other cryptocurrencies. Former Carolina Panthers lineman Russell Okung said last year that about half of last season’s salary was invested into Bitcoin.
How much would that have been worth in Bitcoin?
Though it doesn’t matter much now, Culkin said he was going to put about $1 million into Bitcoin.
Culkin was going to be paid $920,000 for the season. As of Monday afternoon, one Bitcoin was worth more than $56,500. If he were to convert that entire amount into Bitcoin today — the price will fluctuate constantly between now and when Culkin would have actually received that money — he would own about 16.2 Bitcoin.
It’s unclear if Culkin would convert his salary if he gets picked up by another team this fall. Based on his research — and his twitter feed — so far, though, it’s safe to guess that he’ll be investing at least part of it.
“This for me is a long-term play, a generational play,” he said last month. “The more research I did and the more I zoomed out, I didn't necessarily link volatility to risk. I saw Bitcoin was growing at such an exponential rate.
"It's going to have some large pullbacks and dips and people are probably going to say I'm crazy, but I'm focusing on the long term. Long term, it's a stored value. What makes Bitcoin so intractable is its scarcity. Over time, it's deflationary by nature. If you look at history, it appreciates over time."
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