More and more companies around the world are offering to pay employees in Bitcoin. Previously, paying people in Bitcoin was considered a gimmick at most, a way to get into the news and appear up-to-date with the times. Not so much anymore as more and more young employees are actually preferring to be paid in Bitcoin rather than the country’s fiat currency. Rampant inflation and gig economy has played a big role in making Bitcoin valuable and a better payout than fiat itself.
The move is a part of a wider trend to accept salaries in Bitcoin. Several politicians from the US including mayor-elects of Miami and New York have also started following this trend.
To understand the mindset of the younger generation especially the 18-25 years old demographic, we have to empathize with them. While still very young, they have witnessed a global pandemic unfurl across the world and spread chaos. While they themselves were less prone to direct dangers of the virus, they probably suffered the most as universities closed down, learning opportunities dried up, many were fired from their jobs and then finally they had to endure rampant inflation throughout the last calendar year. Statistically, this younger demographic is the most vulnerable as most are earning minimum wage and sometimes have crushing student debts on top of them.
However, as the pandemic’s eventual problems subsided a little, the inflation stuck around and as a result, the they didn’t want to get paid in the same way or the same amount and that created labour shortage across the West especially in Europe and the US. Now, companies are looking at a wide array of ways to get the younger populace back to work as the gig economy has disrupted permanent jobs around the world and many among the Generation Z are involved in multiple jobs, often work-from-home based ones. Offering to pay salaries in Bitcoin is becoming a popular way of getting some of them back into the workforce for many companies. In the face of backbreaking inflation and rising Bitcoin, it has become more than a cool statement; it has become a necessity for many.
A recent article from CNBC shows two very different sectors, both of which are employing younger generations and paying them in cryptocurrencies. One of them is a tech startup while the other is a digital art seller. The story covers an employee from each company. Both of them stated different reasons for accepting crypto but the bottom line is the same; they trust Bitcoin more than fiat and the last year or so has taught them that. So, it is not magical money on the internet for technical whiz kids only. It has become a universal currency.
More so is true for employees based in countries with poorer forex situations. Many in countries like Bangladesh, Malaysia, India, Pakistan, Philippines, etc simply prefer crypto because Bitcoin sells for a premium. Rather than wasting money on transaction fees, employees are getting as much as 20% more through crypto payment methods over there. These countries are also host to some of the biggest freelancing communities in the world – so, accepting crypto makes perfect sense for them as they are covered for more than 20% price drops through this.
Image Source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
