The cryptocurrency boom reached new levels by touching on salaries in some countries. The millennial generation preferred to receive payments in cryptos. Fair to say, Cryptos are part of the new financial model, and crypto salaries are part of these advances.
Among the politicians who seek to bridge the gap between crypto payments against fiat are Francis Suarez[1], the mayor of Miami, and Eric Adams[2], the mayor of New York City. On the other hand, athletes planned/executed to follow the same.
Mixed signals
Now, different individuals had showcased interests in getting a crypto salary. However, the price volatility as well as tax complications — may steal some sheen from the trend.
At the time of writing, Bitcoin slashed around[3] 11% of its price within a week. Although, the king coin did recover a bit at press time. It was trading just above the $37k mark with a 3% surge in 24 hours. However, with this drop in price, the entire paycheck could shrink by that amount as well.
Bloomberg’s recent report highlighted[4] these concerns. Crypto could certainly drop, they say, but so too can it “catapult to levels higher than you’d ever expect from any annual raise in a fiat-denominated salary.”
One of the biggest allures of being paid in a prominent cryptocurrency is, of course, growth potential. Over the past decade, the price of a single Bitcoin has skyrocketed from several dollars to > than $64k. Many even opined that the king coin could reach the $100k mark. But one of the main rules of investing is that “past performance is not indicative of future results”. That stands no matter what.
“To be sure, most people receive their salaries in smaller disbursements over the course of the year.
