As Bitcoin and Dogecoin continue to dominate the news with stories of their volatity, another related trend in their application is surfacing: more and more employees are paying salaries and bonuses with cryptocurrency.
Innovative employers are responding by putting Bitcoin compensation on the table as a benefit to attract top talent — and it it’s not just tech companies. This year, Twitter, the City of Miami, the City of Jackson, TN, the Sacramento Kings, and others have announced their exploration of Bitcoin payroll.
Recently, football star Trevor Lawrence made headlines by taking his entire $22.5 million signing bonus in cryptocurrency. As prominent voices adopt new forms of salary compensation, analysts continue to weigh the pros and cons of delivering in cryptocurrency, with many noting the challenges concerning its volitity. A paycheck that can fluctuate in value +/-10% in the span of a day is something that early adopters have had to contend with. But even with these risks, employer continue to forge ahead. Why? For many, JDSupra claims, it’s about signaling company culture and values.
Considering the legal hurdles and risks facing employers who explore this option, why bother? Primarily, talent acquisition by virtue signaling. Competition for hiring and retaining the best and brightest employees is fierce, especially in the tech industry. By offering to pay employees in cryptocurrencies, companies may attract workers looking for a forward-thinking employer by distinguishing themselves as early tech adopters that offer compelling benefits and compensation.
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