Crypto obsession: Would you like to get paid in Bitcoin?

November 10, 2021 12:16 AM AEDT | By Aditi Saha

Crypto obsession: Would you like to get paid in Bitcoin? — Image source: © Stevanovicigor | Megapixl.com

Why do politicians and CEOs want to get paid in Bitcoin?

Mayor of Miami, Francis Suarez, has stated that he wants his next paycheque entirely in Bitcoin. Following Suarez's remarks, another New York politician, Eric Adams, has declared his wish to receive his first three paycheques in Bitcoin once he commences his position as the Mayor of New York from January 2022.

With this, they've joined a select club of well-known Americans who invest a percentage of their earnings in cryptocurrency.

A "friendly rivalry" has erupted between these two American politicians over which big city would become the country's crypto capital, and both have expressed their crypto ambitions.

Mr Adams has also stated that he wanted to discover ways for New Yorkers to be paid directly in cryptos as he seeks to transform the city into an innovation hotspot.

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Furthermore, Adams seeks to pass on his crypto obsession to future generations. Adams aimed to teach youngsters about cryptocurrency technology to increase their understanding of how it works.

Both Suarez and Adams are personally wagering on the highly volatile cryptocurrency.

Company CEOs are also not left behind. CEOs of cryptocurrency companies are actually leading the crypto race.

Bitcoin mining firm Riot Blockchain’s CEO Jason Les accepts a portion of his US$240,000 salary in Bitcoin. He is one of the few crypto executives to get paid in digital currency rather than regular greenbacks (dollar).

The road ahead

Obsession has propelled cryptocurrency to grow extraordinarily. People are so obsessed with cryptos that even if they realise that the market is volatile and prone to scams, they continue to invest in them. This has driven prices of market leaders like Bitcoin, Ethereum reach new price highs, with many altcoins experiencing a triple-digit surge in their market prices.

As cryptos are emerging as new payment modes in various countries and cities, let us see where this crypto obsession will lead us to.

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