Home News Crypto salaries are becoming a popular way to attract young talent

Crypto salaries are becoming a popular way to attract young talent

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Athletes and politicians made news earlier this year when they chose to be paid in cryptocurrency. Companies are already beginning to offer crypto salaries in order to attract a younger workforce.

In a recent CNBC piece, two different incidents of young talent being compensated in cryptocurrency were highlighted. Stephen Gerrits, a university student, and Tiyanna Brown, an artist, both chose to be paid in bitcoins. Brown sells digital art in return for Ether, while Gerrits works part-time at a software business (ETH).

Gerrits claims that because of cryptocurrency price fluctuations, he has made more money than he would have made in cash. It does not, however, necessarily go higher. He claims that he just lets things be and enjoys it when prices rise, but that the enjoyment stops when prices fall.

He views his cryptocurrency as an investment because his bills are paid by other sources of income. “Why not take the chance or opportunity to strike it rich and make some money out of it?” he asks.

Meanwhile, Brown, who is 29 years old, sells paintings on Rarible, a platform that allows you to sell your digital work for ETH. Brown believes that in the long run, this will result in greater results. “It’s almost like licencing”, she explained, “in that you get a portion for every time someone uses your art”. Brown also stated that the phrase “starving artist” should be “a thing of the past”.

Famous players are receiving their salaries in crypto

Many reports have suggested that players are receiving salaries in cryptocurrency as early as 2021. For his contract with Paris Saint-Germain, soccer star Lionel Messi earned fan tokens in August. Odell Beckham Jr. and Aaron Rodgers, both of the National Football League, decided to accept cryptocurrency payments in November. The former stated that he would receive his entire NFL pay in Bitcoin (BTC), whilst the latter stated that he would earn only a portion of his salary in Bitcoin (BTC).

Apart from that, three US politicians claimed that they would accept Bitcoin as payment in response to a challenge from Bitcoin evangelist Anthony Pompliano. Mayors Francis Suarez of Miami, Eric Adams of New York, and Jane Castor of Tampa have all stated that they will accept BTC pay.

According to LinkedIn, job advertisements for crypto-related positions have surged by 600% since August 2020. Aside from that, prominent financial institutions paid substantial bonuses in order to attract more crypto expertise. Crypto positions pay 20%–30% more than comparable non-crypto positions, according to HR agency Johnson Associates.

Drawbacks of receiving salaries crypto

When choosing to receive a salary in cryptocurrency, there are several drawbacks. One of them is your employer, who is requesting the money back. According to a letter given to MarketWatch’s Moneyist by an unknown employee, the employee received payment in cryptocurrency for contract labour. Following this, the value of the token increased by 700%. The CEO of the company then addressed an email to the employee. Requesting that they return the digital assets and offering to pay in dollars.

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