Human Resources sector executives stated that due to the current hyperinflation and political uncertainties in many regions on a global basis, employees are willing to receive their salaries in Bitcoin (BTC).
Sources told Cointelegraph that recent bank failures and volatility from fiat currencies are driving people to favor stablecoins like the USD Coin (USDC).
New York Mayor Eric Adams promised to accept his first three paychecks in BTC after he was elected, while American football player Odell Beckham Jr. chose to receive his entire NFL salary in Bitcoin. But of course these are some popular examples.
Increasing crypto literacy impacts
Michael Brooks, CEO and co-founder of GoLance, states that factors such as increasing cryptocurrency literacy, increasing acceptance of cryptocurrencies as a legitimate payment method, and emerging technological advances are encouraging even ordinary people to switch to crypto paychecks, regardless of their instability.
goLance has been paying its employees in cryptocurrencies since 2021.
Dan Westgarth, COO of global recruiting firm Deel, said that countries with older banking systems and facing more currency turmoil, such as the Caribbean, are looking for an alternative like Bitcoin as a means of paying employees.
The highest trend is in hyperinflation countries
Data from Deel showed that the highest level of crypto payments, 54 percent of crypto withdrawals between January and May 2023, were made from Latin America, which is famous for its high inflation rates.
The company launched crypto platform Coinbase Global Inc last year. announced that it has partnered with the company so that payments to contractors are converted directly into the currency of their choice.
Of course, there are some other notable advantages of paying with cryptocurrencies: Because crypto is decentralized, crypto-funded payroll systems have a structure that supports both employers and employees. Payments are cross-border speed, no middleman, and can be sold or converted in minutes.
Again, for example, Sequoia Holdings LLC, an Australian IT firm, is partnering with a third-party payroll processor, allowing its employees to receive a portion of their wages in Bitcoin.
On the other hand, regulatory and compliance issues and volatility are some of the ongoing challenges for cryptocurrency earners.
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