Should Salaries be Paid in Crypto?

Russell Okung, an offensive lineman for the Carolina Panthers, made headlines in late 2020 when it was revealed that half of his $13 million deal with the panthers will be paid in bitcoin. This was around the time bitcoin began its huge price rally in 2020, and Oung fueled the narrative by liking a number of tweets referencing the story and updating his Twitter bio to “life, liberty, and #bitcoin.” While it was later stated that he would be converting a percentage of his income to bitcoin rather than getting paid directly in the currency, the incident sparked debate. This is not the first time that work-related remuneration and cryptocurrencies have been linked. Sequoia Holdings, a Virginia-based software development business, has given its workers the choice of receiving a part of their wages in either ether or bitcoin. “Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class. […] Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” said Sequoia Holdings’ co-founder and CEO, T. Richard Stroup Jr. The funds in question will be managed by a third-party firm and are deducted after tax. Why Would Someone Want to be Compensated in Cryptocurrency? At first glance, it’s challenging to understand why someone would want to be paid in cryptocurrency. It is a largely uncontrolled and decentrali...