The Magazine for Asian Investors
The introduction of cryptocurrencies is imminent. More and more, the new generations are choosing to receive crypto-salaries.
Athletes and politicians have already made headlines this year with their crypto salaries. To attract younger employees, companies are now also starting to offer crypto salaries.
A recent article was about younger generations adopting cryptocurrencies. University student Stephen Gerrits and artist Tiyanna Brown decided to get paid in cryptocurrencies. Gerrits worked part-time at a startup, while Brown sold digital art on the market in Ether (ETH).
Based on the data, Gerrits earns more in cryptocurrencies than in cash as crypto prices change. However, this does not always mean that prices go up. He said he lets it run and is happy when the price goes up. But the fun ends when prices go down.
With other income covering his expenses, he considers cryptocurrencies an investment. “Why not do it or create an opportunity to smash it to get rich with some money?” he asked.
The 29-year-old Brown sells his art on Rarible, a platform where people receive ETH as payment for their art and is optimistic that this will lead to better results in the long run. “It’s almost like licensing. Every time someone uses your art, you get a cut.” Brown also said he would like to see the term “starving artist” as “a thing of the past.”
In 2021 alone, a number of reports suggest that athletes will be paid in cryptocurrencies. In August, soccer star Lionel Messi received a fan token for a contract with Paris Saint-Germain. In November, National Football League athletes Odell Beckham Jr. and Aaron Rodgers decided to accept crypto payments. He previously said he would receive all NFL salaries in Bitcoin (BTC), while the latter said he would receive part of his salary in Bitcoin (BTC) as well.
In addition, three U.S. politicians have announced they will take their salaries in BTC: Miami Mayor Francis Suarez, New York Mayor Eric Adams, and Tampa Mayor Jane Castor.
In November, LinkedIn reported a 600% increase in crypto-related jobs since August 2020. In addition, major financial institutions are offering huge bonuses to attract more crypto talent. HR Johnson Associates says crypto positions command 20-30% higher salaries than non-crypto positions.