Crypto Accounting

A popular internet meme: On November 12, 2021, Odell Beckham, Jr. signed a deal with the Los Angeles Rams for $750,000, which he accepted in bitcoin (BTC). On that date, BTC was trading at $64,293. At this writing, BTC is trading at $33,385 (roughly 52% of its value on the day of signing). Therefore, as of this writing, the deal is worth $389,447. Odell’s income is subject to federal and state (California) income tax. He will be taxed 50.3% on $750,000 of income, or a combined federal and state income tax bill of $377,250. Odell netted $12,197 on the deal… true or false? Please post your thoughts and comments below. -s

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit



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