Companies and Pro Athletes are looking for a Bitcoin Salary

Crypto adoption is currently happening all over the world with companies and individuals trying to take advantage of this new asset class for payments, trading and now receiving their yearly salary. Digital assets such as Bitcoin and Ethereum have proved themselves over the past years for storing and creating value for the holder of the asset. Of course, there are risks associated with owning cryptocurrencies, but many people feel the reward out ways the potential risk. Some people feel so bullish towards Bitcoin they want their entire salary paid to their digital wallet instead of receiving fiat currency like the US dollar. 

This trend of getting paid in crypto has gained some traction over the past two years from big athletes, politicians, and companies receiving or giving payments in cryptocurrency. This trend is influencing the younger generation since they are watching their favourite athlete talk about how they only want to get paid in crypto. 

MicroStrategy has been very supportive in the cryptocurrency space is one of the few institutions publicly buying mass amounts of Bitcoin on a regular basis. Michael Saylor the cofounder and leader of the company is known for his interest and investments in Bitcoin over the years. On April 12, 2021, MicroStrategy announced the “Directors to Receive Board Fees in Bitcoin” on a form in accordance with the United States Securities and Exchange Commission. The Form 8-K can be found on the MicroStrategy website filed by Donnelley Financial. 

BlockFi partnered with multiple pro athletes to get some marketing attention and create some good first impressions in the public eyes. Pro athletes such as Odell Beckham Jr a wide receiver for the Los Angeles Rams in the NFL and Cade Cunningham an NBA star playing for the Detroit Pistons. Both these players negotiated deals with Blockfi, Beckham Jr is taking his full salary in Bitcoin. He is estimated to get paid 4.5 million dollars from the Rams in his one-year contract. On the other hand, “BlockFi will provide Cunningham with a signing bonus paid directly in Bitcoin” as the new star signs a deal with his new financial partner. Cunningham isn’t receiving his salary in Crypto but it's great to see he is taking steps in the right direction with the right partners. Another NFL star getting paid in Bitcoin is Aaron Rodgers who announced he partners with CashApp and participating in a giving away $1M in BTC the same promotion Odell Beckham did.

Square Payments founded by Jim McKelvey and Jack Dorsey launched Square, Inc. in 2009 been very pro-crypto since the beginning. Dorsey in a tweet on March 20, 2019, was looking for crypto engineers and was willing to pay them fully in Bitcoin. This would be an attractive opportunity to take part in today, I wonder if Twitter or Square will bring this option back in the future. 

Miami Mayor Francis Suarez stated, “I’m going to take my next paycheck 100% in bitcoin”. The mayor is determined to make Miami, Florida the Crypto Capital of the United States. The mayor is trying to increase the people’s ability to spend and use crypto in the coming years through the state. 

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Credits: Photo by DrobotDean