• Employees are opting to receive their salaries in Bitcoin given the current economic uncertainty.
• Several high-profile sportsmen and politicians have chosen to receive part of their monthly pay in the form of Bitcoin.
• Companies like Deel and goLance offer crypto payments and employees benefit from faster transactions with no intermediaries.
Rise in Salaries Paid in Bitcoin
Human Resources industry executives have noticed that employees are increasingly open to getting paid in Bitcoin (BTC) due to hyperinflation, bank failures, and political turmoil around the world. New York City Mayor Eric Adams has declared he will accept his first three paychecks in BTC, while American football player Odell Beckham Jr. chose to take his entire NFL salary in Bitcoin.
Benefits for Employers and Employees
Payments via cryptocurrencies can be advantageous for both employers and employees. Cryptocurrencies are decentralized, require no intermediaries, and can be sold or exchanged quickly across borders – meaning that crypto-funded payrolls can be beneficial for all parties involved. For example, goLance has been paying its staff with cryptocurrencies since 2021, while global payrolls company Deel saw highest levels of crypto payments come from Latin America between January and May 2023.
Partnering With Crypto Platforms
Deel has partnered up with Coinbase Global Inc., allowing contractors to choose which currency they would like their payments converted into; Sequoia Holdings LLC is an Australian IT firm that allows its workers to get a portion of their wages in Bitcoin through a third-party processor.
Growing Crypto Education
Michael Brooks, CEO and co-founder of goLance stated that more education on cryptocurrencies is leading even ordinary people towards crypto paychecks due to its stability compared to fiat money. He added that areas facing restrictive financial systems or hyperinflation tend towards cryptocurrency usage as an alternative means of conducting transactions.
Increased Acceptance as Legitimate Payment Method
Brooks also mentioned increased acceptance of cryptocurrency as a legitimate payment method alongside nascent tech developments have further pushed people towards receiving crypto salaries regardless of its volatility: “Bitcoin will most likely become a bigger part of people’s lives over time” he concluded .