Russell Okung makes surprise move after the Bitcoin market drops

Russell Okung took the NFL by surprise when asked to have half his salary paid to him in Bitcoin. At the time Okung looked like a genius because his Bitcoin investment made him one of the highest played players in the NFL. Okung knew that putting his salary into Bitcoin was a gamble but he felt it was worth it.

However, on Wednesday, Bitcoin's value dropped to $31,000 which is more than half its all-time-high. It's stock dropped 5%, taking it's price to 47% lower than its all-time-high and 10% lower than its direct listing target price.

Following this drop in valuation, Russell Okung did something that no one expected. Did Okung sell all his Bitcoin holdings?

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Did Russell Okung sell all his Bitcoin after the market dropped?

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Russell Okung didn't sell all his Bitcoin after it fell. Instead, he surprised everyone and bought more. This makes sense to a certain point. When gambling in the stock market, individuals want to buy stocks at a low price and sell it at a profit.

Looks like @TomBrady is the tipping point.So many athletes are hitting me about Bitcoin and crypto, I’m doing calls everyday.I love it but I need to find a better way to automate.

— Okung 💯 (@RussellOkung) May 10, 2021

Instead of looking at this as a problem, Russell Okung saw it as an opportunity to buy more while the price was low. Okung posted on his Twitter account that people would laugh now but cry later. He's referencing everyone who is doubting his decision on Bitcoin.

Russell Okung went on to post that he will never be sell his Bitcoin holdings. Okung looks dedicated to Bitcoin and will see this drop through. He posted on his Twitter account on May 16th that he was buying the dip. It was almost like he was expecting the market to fall.

The veteran offensive tackle is currently a free agent and hasn't been signed yet. He doubled down on Bitcoin and remains firm on his belief that cryptocurrency is the future even after China Banking Association warned members that there was a huge risk in it.

After falling 31%, Bitcoin has pared its decline to 10% https://t.co/8V1ufkmo7X pic.twitter.com/40GyU2mBSh

— Bloomberg (@business) May 19, 2021

The China Banking Association said this in a statement about cryptocurrency:

"Resolutely refraon from conducting or participating in any business activities related to virtual currencies."

Russell Okung may be in it for the long haul, but one major player has started to back out of Bitcoin. Elon Musk announced that Tesla will no longer accept Bitcoin as a payment method when buying a car. It's certainly a difficult time to be a cryptocurrency owner.