Rise in Salaries Paid in Bitcoin as Employees Opt for Crypto Amid Economic Uncertainty

Crypto News
Crypto News

30 Jun 2023 12:28 PM

“Political instability, hyperinflation or restrictive financial systems” in some regions have resulted in people opting to receive their pay in cryptocurrencies....

  • Employees are opting to receive their salaries in Bitcoin due to hyperinflation and political uncertainty in many regions.
  • Bank failures and fiat money volatility are driving people to stablecoins like USD Coin.
  • High-profile individuals, such as New York City Mayor Eric Adams and NFL player Odell Beckham Jr., have chosen to receive part or all of their salaries in Bitcoin.
  • Factors such as crypto education, increased acceptance of cryptocurrencies, and technological advancements are motivating ordinary people to shift to crypto paychecks.
  • Regions with political instability, hyperinflation, or restrictive financial systems are seeing increased cryptocurrency usage.
  • Companies like goLance and Deel are paying their employees in cryptocurrencies, with Latin America showing the highest level of crypto payments.
  • Crypto-funded payroll systems offer benefits such as swift cross-border payments, no intermediaries, and quick conversion options.
  • Some firms, like Sequoia Holdings LLC, allow employees to receive a portion of their remuneration in Bitcoin.
  • Goldman Sachs predicts that Bitcoin will become a larger proportion of compensation over time.
  • Challenges for crypto earners include regulations, compliance issues, and volatility.

The article highlights the rise in salaries paid in Bitcoin as employees opt for crypto amid economic uncertainty. It presents both the benefits and challenges of receiving compensation in cryptocurrencies. Overall, the sentiment is neutral, providing information without a clear positive or negative bias.

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