Odell Beckham Jr. took his $750,000 salary in bitcoins — how much did it cost him?

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Los Angeles Rams wide receiver Odell Beckham Jr. made headlines last November when he announced he would convert his 2021 NFL salary to bitcoin.

The problem for Beckham: bitcoin BTCUSD, +1.79% prices crash.

Cryptocurrencies including bitcoin and ethereum ETHUSD -2.09% extended their slide lower on Monday. Ether is down 8% in the past 24 hours and bitcoin prices fell below 35,000, including a 4% drop in the past 24 hours.

This is bad news for crypto investors and Beckham, who claimed to convert $750,000 into bitcoin as part of a deal with Square’s SQ, the Cash App payment company at -4.31%.

The Action Network reports that the deal closed on Nov. 12, a day bitcoin prices were at 64,158, according to CoinDesk — bitcoin prices are down 46.55% since then.

Based on Monday’s bitcoin prices and assuming Beckham invested all $750,000 in bitcoin when the deal was struck in November, his salary would now be worth around $401,500. Despite the drop in value of Beckham’s salary, he will still have to pay taxes on his income as it was given to him, at the value of $750,000.

In addition to federal income tax, Beckham will have to pay state income tax in California, where the Rams play, which has one of the highest state rates in the nation. His income entitles him to a tax rate of 12.3%, depending on the state income bracket.

Because we don’t know if Beckham put in all of his $750,000 at once or spread it over multiple conversions, it’s hard to know the exact dollar figure of Beckham’s losses. If the deposit was made on Nov. 12, that investment is now worth about $35,000 after taxes.

What can be determined with certainty, however, is that Beckham would have been better off accepting his salary in US dollars than in bitcoins.

Beckham’s representatives have not verified the terms of Beckham’s bitcoin investment in MarketWatch.

See Also: ‘Are You Crypto Guys?’—Kim Kardashian, Floyd Mayweather Jr. Sued Over Alleged Crypto Scam

Beckham joins a long list of NFL players who have accepted offers in crypto or converted part of their salary into cryptocurrency, including Saquon Barkley, Trevor Lawrence and Russell Okung.

The drop in cryptocurrency prices comes as panic selling emerged on Monday with the stock market falling and the Dow Jones falling more than 1,000 points by mid-afternoon.

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