Would You Agree to Be Paid 100% in Bitcoin?

Remember, you have no way of knowing if it will go up or down in value

Miami Mayor Francis Suarez said he would take his paycheck “100% in Bitcoin” and has announced that he is working on a plan to pay the city’s more than 4,000 employees in cryptocurrency.

New York City Mayor Eric Adams said he was also considering ways in which the city’s 300,000+ employees could be paid in Bitcoin.

And already many companies are using cryptos as a compensation strategy. But is it a good idea?

#PaidinBitcoin

Maybe you heard that NYDIG launched it Bitcoin Savings Plan as part of its employee benefits program? It’s marketing campaign is #PaidInBitcoin. Here are excerpts from its recent press release:

“NYDIG, a leading bitcoin company, announced today the launch of a Bitcoin Savings Plan to let employees of leading companies get #PaidInBitcoin. A Bitcoin Savings Plan is an exciting employee benefit program that allows an employee to convert a portion of their paycheck to bitcoin. The bitcoin is held on the same secure, regulated NYDIG platform used today by some of the largest banks and companies in the world.

Among the first to offer the benefit are companies owned by former NFL superstar Drew Brees, who will also be using a Bitcoin Savings Plan to convert a portion of his compensation to bitcoin.

Several companies Drew is involved with will also be making the optional benefit available including Everbowl and StretchZone.

“For a long time, bitcoin was pretty intimidating for me. The more I have immersed myself in the understanding of money, long-term value, and the history of finance, the importance of bitcoin became apparent,” said Brees. “That’s why I am using NYDIG, a trusted leader in bitcoin, to allocate a portion of my salary to BTC every payday, and why I am excited for the businesses I’m involved with to make this an option for their employees as well. In its 13-year history, Bitcoin has been an inclusive vehicle for wealth creation, and a Bitcoin Savings Plan is one of the easiest ways to start saving.”

For the first time, employers can leverage the power of bitcoin to help recruit and retain the best employees with an innovative perk alongside established benefits such as 401(k)s. Employees choose what percentage of their pay they would like to auto-convert to bitcoin, and NYDIG’s platform makes the rest seamless. Bitcoin traded and held by employees as part of this benefit does not incur any transaction or storage fees and is stored in NYDIG’s industry-leading, 100% cold storage system–known as the safest way to hold bitcoin.”

NYDIG went on to say that in its own survey, they found that “36% of employees under 30 said they would be interested in allocating a portion of their pay to bitcoin.

Nearly 1 in 3 of those employees said that when choosing between two identical jobs at different employers, they would choose an employer that helped them get paid in bitcoin.” But, will it catch on?

Should You be Skeptical?

Ignoring all the hype around bitcoin and other cryptocurrencies, you have to know this: there is no way of knowing if it’s value will go up or down in value. It’s very different from being compensated partly in company stock – because at least with company stock you can figure out the empirical value of a company and make a determination as to whether you think it is over- or under-valued (neither of which necessarily points to company stock moving one way or the other, but at least it’s a start). But with Bitcoin, the supply is controlled by the algorithm and the flip side that sets the price is demand – and there is no way you can know what that might be (or not be).

In addition, as Wall Street anticipates the Federal Reserve to increase the fed funds rate by at least 25 basis points in mid-March, Bitcoin was off about 40% from its peak. That kind of price movement could leave you vulnerable. Look at it this way: Your mortgage payment is likely a fixed dollar amount that you pay monthly – could you still make the mortgage payment if you’re monthly paycheck drops 20% in value?

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