I've jokingly said that these types of announcements from big new institutional players getting

into Bitcoin for the first time are getting more and more useless as a daily podcaster because

they just don't excite people anymore. We're all so ready for it. We're also used to it. But

even the curmudgeonliest and cold-heartedest have to appreciate the significance of the turnaround of J.P. Morgan.

Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big

picture power shifts remaking our world. The breakdown is sponsored by nexo.io and ne neared.org and produced and distributed by coin desk.

What's going on, guys? It is Monday, April 26th, and today we are talking about J.P. Morgan's

Bitcoin journey, from worse than tulips to not my cup of tea, to a new client product.

First up, however, let's do the brief.

First on the brief today, sports and crypto are definitely coming together in this cycle.

A couple of years ago, NFL offensive tackle Russell O'Coon made a now famous declaration,

Pay Me in Bitcoin.

He currently takes half of his $13 million salary in BTC and

half in Fiat. Kansas City Chief's tight end, Sean Culkin, is taking it to the next level,

and we'll be converting the entirety of his 2021-based salary, $920,000 into BTC.

Culkin is going to convert his Fiat to Bitcoin's salary conversion service.

This is the same service that Russell uses, and it means that the paychecks are automatically

converted, which detaches them from market movements and allows Culkin, in his own words,

to stay focused on the game.

For their part, the Kansas City

chiefs are aware, but their contract is still denominated in U.S. dollars. About the deal,

Culkin said, quote, for me, it makes sense to get paid in the hardest form of currency,

...