Drew Brees to Get Paid in Bitcoin

In a press release, NYDIG announced that Drew Brees will start using its Bitcoin Savings Plan to convert a portion of his compensation to bitcoin. We’ve seen several headlines like this in the past few months and, while this announcement is more hype than news, there is one important thing to be learned here: the crypto will be stored in NYDIG’s “cold storage system.” That means Drew isn’t really getting paid in crypto; he’s getting paid in a percentage ownership of someone else’s crypto. This is a non-trivial point. In HODLer-speak: “Not your keys, not your coins.” Said differently, if you don’t have custody of your coins, you don’t actually own them.

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, co-founder of Metacademy, and the 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 CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

Categories

PreviousZuckerberg's Diem Association Sold NextThe Social Network Effect

Get Briefed Every Day!

Subscribe to my daily newsletter featuring current events and the top stories in technology, media, and marketing.

Subscribe