Boom in Crypto Salaries ? Popularity for Accepting Salary in Cryptocurrency is Staggering
Popularity for Accepting Salary in Cryptocurrency is Staggering
Blockchain technology has been around for a decade and its popularity has increased exponentially. They are now finding applications in business, and several firms are currently recruiting for decentralized technology specialists; and paying their salaries in crypto.
Accepting Salaries in Crypto Appears To Be On The Rise
As mentioned above, blockchain jobs are the hottest IT career skill right now. Due to the limitation of experienced workers; it is unsurprising that compensation for blockchain specialists is frequently more remarkable than in other fields of competence.
BuyUcoin mentioned earlier, LinkedIn’s statistics show crypto-related job postings for 2021 surpassed all other prominent IT and tech employment categories; symbolizing significant potential disruption.
When Bitcoin and Ethereum surged to all-time highs in November on rumors of widespread adoption; politicians and sports rushed to capitalize on the hype by saying they’d be receiving a portion of their pay in cryptocurrency.
After his election, New York City Mayor Eric Adams promised that he would accept his first three paychecks in Bitcoin; and Odell Beckham Jr. chose to take his full NFL salary in Bitcoin after signing a new contract with the Los Angeles Rams.
On the other side, India is currently doubtful about a regulatory framework for cryptocurrencies; which means they are neither legal nor illegal. Many young crypto enthusiasts and freelancers accept crypto salaries due to the simplicity of moving it across borders and reduced transaction fees compared to bank transfers.
A developer from Gurugram, for example; was paid by a Singapore-based crypto transaction infrastructure company. He stated that he has a verbal contract with the organization and transforms his cryptocurrency pay into rupees via peer-to-peer trade inside India’s crypto ecosystem.
According to the IT industry body, the CryptoTech Industry; which includes crypto applications in trading, P2P payments, remittances, and retail, has grown by 39% in India over the last five years. The CryptoTech Industry in India can add $184 billion in value over the next nine years until 2030.
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