Employees Choose To Receive Their Salaries In Bitcoin

Recent bank failures and the shift to fiat currencies are driving people to opt for statcoins like USD Coin (USDC). Many athletes and politicians have already chosen to receive part of their salary in the form of Bitcoin. New York Mayor Eric Adams swore after his election that he would accept his first three months' salary in BTC. American football player Odell Beckham Jr. chose to receive all his NFL wages in Bitcoin.

Michael Brooks, CEO and co-researcher of goLance, said that factors such as growing crypto education, the proliferation of asset classes such as legitimate payment systems, and the advancement of technology have started to make even ordinary people more they switch to crypto deposits, no matter how. not sure. "Some areas experiencing political unrest, hyperinflation, or restrictive financial systems have seen an increase in the use of cryptocurrency as an alternative means of trading."

GoLance has been paying its users in cryptocurrencies since 2021.

Deel COO Dan Westgarth said in the article, countries such as the Caribbean are facing more financial crises and have traditional banking systems that are turning to alternatives such as Bitcoin as a means of payment. Data from Deel showed that the highest level of crypto payments came from Latin America, known for high prices, with 54% of crypto withdrawals between January and May 2023.

The company said last year that it had partnered with crypto platform Coinbase Global Inc. so that the contractor's payment is converted directly to the currency of their choice.

Cryptocurrency Payments Have Their Preferences

Since crypto is decentralized, crypto-based payment systems support both users and users. Payments are fast across borders, do not require an investor, and can be sold or exchanged in minutes.

Some companies in different countries support crypto salaries. Sequoia Holdings LLC, an Australian IT company, for example, offers its employees the opportunity to receive part of their salary in Bitcoin, in partnership with a third-party payer.

Bitcoin will 'likely' become bigger over time, Goldman Sachs said in a 2022 forecast. Although the benefits of receiving compensation in cryptocurrencies are many, such as reduced or no taxes, options for diversification, etc. regulations and compliance, as well as flexibility are some of the most frequent challenges for crypto adopters.