Crypto salaries: the future of the financial system
The world's attention towards cryptos is radically changing: the fear of deception is giving way to the desire to enter the sector, fearing to be left behind and considering it today a much more profitable investment than the current financial instruments of banks or private companies. A request that is now becoming more of an exception is the conversion by workers of part of their salary into cryptocurrencies, currently exclusively Bitcoin. We know well how the market has taught us that at the moment cryptocurrencies, although superior in many respects to the current financial systems, still do not offer a guarantee of stability compared to the FIAT currency and that how to receive 500 dollars in BTC today, can be an unknown factor. its value even after just a few days.
The particularly bullish moment, purchases by institutional investors and large international companies evidently instill greater security in people who in the long term see Bitcoin as a guarantee of value but above all a good chance that the yield may exceed the current value. Merrick Theobald, vice president of marketing at BitPay (whose BitPay Send platform has a payment option for crypto salaries), explains to Cointelegraph: “We definitely see more demand from employees to receive at least one portion of your salary in Bitcoin."
At the moment there are already some prominent people in the US who ask for a part of their salary in Bitcoin, such as the football player Russell Okung of the Carolina Panthers, who asks for 50% of his salary in Bitcoin. In this case, the sports club does not take care of the payment directly in Bitcoin but sends half of the salary to a custody service that converts it into BTC. This choice has been particularly successful in recent months as the increase in the price of Bitcoin has significantly increased the value of his salary.
However, there are still many doubts on the fiscal side, i.e. the taxation to be applied on the crypto part, which normally should be applied at the time of conversion to FIAT but given the increase in services that accept crypto payments, further changes and updates will probably have to be made in about the tax system in force. But what is certain for all workers is that in the future the payment of salaries in crypto will be a widely shared option, probably in conjunction with the failure of the current financial system which is no longer sustainable and in continuous inflation.
Personally you will partially accept the salary in crypto, even a 20% at the moment I would consider it a good margin, I consider it more an accumulation plan than a payment tool, since at the moment there are very few companies that accept crypto. But a progressive change of trend has begun and it is necessary to wait for the right time for the digestion of this new financial system. Certainly the information would greatly help the spread of the goodness of the blockchain but not everyone is ready to accept such a radical change, the first to do so will obviously be even more advantaged.