Year to date, Bitcoin has traded as high as $47,733.40 (early January 2022) and as low as $35,070.10 (later in January 2022). The research note included a hypothetical scenario where if Bitcoin ends up with a 50% share of this market, its price would reach a little more than $100,000. A January 5, 2022, Reuters News article reported on a Goldman Sachs research note to clients with a prediction that Bitcoin would take market share away from gold in 2022 as digital assets become more widely adopted. What’s the appeal of being paid in cryptocurrency?īecause some experts have predicted that the price of cryptocurrencies such as Bitcoin will continue to increase, some employees may want to be paid in this may because of its potential to grow in value. On the other hand, there is price volatility, the high energy consumption for mining activities, and the use in criminal activities. Cryptocurrencies are typically not issued by any central authority.Īccording to Investopedia, advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure. This is a distributed ledger enforced by a disparate network of computers. Many cryptocurrencies are decentralized networks based on blockchain technology. Ideally, this makes it just about impossible to counterfeit or double-spend. However, when it comes to wages, can employers pay employees in cryptocurrency? What is cryptocurrency?Ī cryptocurrency is a digital or virtual currency that is secured by cryptography. This includes things from airline tickets to healthcare and luxury items like watches and sports cars. He also noted that New York City would be the center for the cryptocurrency industry.Ĭryptocurrency is becoming more used by consumers and more accepted by merchants and financial institutions as payment for services and products. Recently elected New York City Mayor Eric Adams added to the tweet responses on November 4, 2021, by writing that he would receive his first three paychecks via Bitcoin after being sworn in as mayor. “I’m going to receive my next paycheck 100% in Bitcoin,” Suarez wrote. politician to receive their first paycheck in Bitcoin.

In November of 2021, Miami, Florida Mayor Francis Suarez responded to a tweet that asked who would be the first U.S. This blog will take a look at certain federal agency responses regarding paying wages in virtual currency. New York City Mayor Eric Adams clarified receiving wages in cryptocurrency in January 2022 in a press release saying the U.S.

Bitcoin expert salary