Over the course of the last year, Bitcoin’ price grew by 112%, breaking its own two intraday price records in the past month alone. Moreover, Bitcoin is seeing major endorsements from industry specialists, financial analysts and retail traders thanks to the long-awaited approval the cryptocurrency received from Wall Street. It is safe to say that as an investment asset at least, Bitcoin has officially been legitimized in the stock market, especially given the recent first ever Bitcoin ETF launch.
However, Bitcoin may grow to be even more than a legitimized investment asset, and soon. As states across the U.S. are racing to become the next crypto mining and trading hubs, mayors of cities such as New York and Miami are openly speaking out and declaring that they would endorse being paid in Bitcoin. Just recently, Eric-Adams, the mayor-elect of NYC, declared that he would like his first three paychecks in Bitcoin. Wouldn’t we all? Sources are speculating that this statement may have been in response to Miami mayor Francis Suarez’s Tweet, where he stated he would take his first paycheck in Bitcoin if re-elected.
Although this public display is part theatrics and part political rivalry, the mayors’ sentiments toward Bitcoin and crypto are a signal of something very promising for the industry. Not only does U.S. federal law not prohibit compensation in Bitcoin, but these statements demonstrate the growing political buy-in and confidence in the future of BTC, perhaps so much so that the new generation entering the workforce may actually have the option of being paid in the digital coin.
That being said, U.S. mayors are not the only ones seeing the potential in Bitcoin as a form of professional remuneration. Elon Musk, the richest man in the history of the world itself, earlier this year said he would never turn down being paid in Bitcoin. But Musk is hardly the pioneer of this strategy.
A crypto-powered payroll benefits both the employee and the employer; it provides better control over your finances, faster global payments, and no banks intermediating and delaying payment. Companies can even pay a portion of their staff in Bitcoin, which is a desirable bonus for a technologically adept workforce. A plethora of businesses, such as the GMO Group and SC5, a Finnish company, have begun paying their employees with Bitcoin.
In addition, a number of companies have been prompted by the recent developments to accept Bitcoin as a valid form of payment and transaction. This move shows the confidence in BTC on the part of the commercial sector, as well as the confidence of the employees in the cryptocurrency, contributing to its overall value in the market. You can establish a Bitcoin payroll through the purchase of a Bitcoin miner, a lucrative investment which would allow you to mine Bitcoin with which employees can be compensated. Bitcoin mining hardware is available at a fraction of current BTC prices, and can be sourced and set up through a partner like Wattum. With multiple hosting facilities around the world, you can remotely keep up your mining operations while maintaining this advantageous business model for your team.
If the recent, incredible Bitcoin price milestones haven't convinced you to start your crypto mining journey yet, we sure hope this level of endorsement from both the commercial and public sectors will. As a trusted partner in the Bitcoin mining space, Wattum is a reliable end-to-end solution provider, offering solutions that range from equipment and mining pools to management and hosting. So, wherever you are in your crypto mining journey, our expert team can help you join and excel in one of the fastest growing industries in the world. Get in touch with us to learn more today.