{"id":288323,"date":"2021-05-04T09:39:55","date_gmt":"2021-05-04T13:39:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=288323"},"modified":"2021-08-06T02:52:27","modified_gmt":"2021-08-06T06:52:27","slug":"toronto-fc-striker-footballer-earns-half-of-his-salary-in-bitcoin","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/toronto-fc-striker-footballer-earns-half-of-his-salary-in-bitcoin","title":{"rendered":"Toronto FC Striker Footballer Earns Half Of His Salary in Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Nigerian professional footballer who plays for Major League Soccer (MLS) team Toronto FC Ifunanyachi Achara has joined a growing number of professional athletes taking their paycheck in cryptos.<\/span><\/p>\n<h2><b>Bitcoin for Remittances<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The 23-year-old forward said that he collects half of his wages in Bitcoin through a third-party exchange service called Bitwage.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the forward, the major reason for his decision is due to rising inflation in his home continent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">He also pointed to the US money-printing practices stating this was further devaluing the Nigerian naira. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Achara says he prefers sending Bitcoin as a substitute for fiat to his family in Nigeria.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIf I wanted to send money to my parents to move away from a state that I felt like was really violent, I couldn\u2019t,\u201d Achara said. \u201cI couldn\u2019t send them money to the bank. It was just through Bitcoin that I was able to send my family money more easily and efficiently as fast as possible,\u201d he added.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Achara\u2019s announcement follows on the back of Kansas City Chiefs tight end Sean Culkin who<\/span><a href=\"https:\/\/twitter.com\/culkin22\/status\/1386664238861623297\"><span style=\"font-weight: 400\"> said<\/span><\/a><span style=\"font-weight: 400\"> he would be converting his entire NFL salary into Bitcoin for the 2021 fiscal year. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Another crypto adherent has been California Panther\u2019s Russell Okung, who is working with crypto startup Strike for his BTC payments.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Achara is also buying into the favorite narrative of crypto enthusiasts who see Bitcoin as a store of value. <\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the Toronto striker, Bitcoin is a hedge against growing inflation in the West African nation. The Nigerian naira crossed the 18% mark in March following a four-year high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin also plays a crucial role in reducing wire transfer fees due to its decentralized nature. Because no central authority controls the Bitcoin blockchain network, foreign nationals only have to worry about network fees.<\/span><\/p>\n<h2><b>Nigerians Shun Naira For Foreign Currencies<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to a Bloomberg<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-22\/nigerians-shun-naira-for-foreign-currencies-to-protect-wealth\"> <span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, Nigerians are accumulating foreign currencies to hedge against naira volatility and rising inflation. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The statement, which was contained in a research paper published by the country&#8217;s apex bank, noted that higher real-exchange rate volatility is associated with an increased level of currency substitution.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It further pointed out that the ratio of foreign cash deposits to naira deposits on-demand in commercial banks surpassed the International Monetary Fund&#8217;s 30% threshold due to the global financial crisis occasioned by the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although this figure may be disturbing, the paper also pointed out that the naira lost 66% of its value in 2009 when it got exchanged at 149 Naira for a dollar, and with rising inflation, Nigerians are frantically looking for ways to protect their wealth.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Achara\u2019s decision to send Bitcoin to his family is just one indication of a fast-eroding financial system where fiat no longer retains value due to continued money-printing practices by the government.<\/span><\/p>\n<p style=\"text-align: center\"><strong>Get Free Crypto Signals \u2013 82% Win Rate!<\/strong><\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/learn2.trade\/crypto-signals\" class=\"su-button su-button-style-3d\" style=\"color:#FFFFFF;background-color:#1d44bb;border-color:#183796;border-radius:0px\" target=\"_self\"><span style=\"color:#FFFFFF;padding:0px 26px;font-size:20px;line-height:40px;border-color:#617dd0;border-radius:0px;text-shadow:none\"> Get Coin Signals!<\/span><\/a><\/div>\n<p style=\"text-align: center\"><em>3 Free Crypto Signals Every Week \u2013 Full Technical Analysis<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Nigerian professional footballer who plays for Major League Soccer (MLS) team Toronto FC Ifunanyachi Achara has joined a growing number of professional athletes taking their <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/toronto-fc-striker-footballer-earns-half-of-his-salary-in-bitcoin\" title=\"Toronto FC Striker Footballer Earns Half Of His Salary in Bitcoin\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":288336,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[734,5621,8002,9840,12151],"class_list":["post-288323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitwage","tag-imf","tag-nigeria","tag-toronto-fc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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