As user trust in cryptocurrency increased, employees from various firms started to demand a portion of their monthly salaries in cryptocurrency.
With the crypto markets meeting an unexpected crash, it only felt normal for these employees to cancel out that crypto portion and completely switch towards paper currency. However, things turned out completely different, since employees actually doubled down and demanded a larger portion of their salary to be paid in crypto.
The reason? A high trust in the crypto markets and a lowered trust in paper currencies. Doubling down on their crypto portions, these employees want to cash in on the dip by receiving more cryptocurrency during this crash period.
With major crypto currencies crashing, a small percentage of traders have temporarily halted operations, however things are pretty different for both big and small investors and crypto paid employees.
NFT exhibits, crypto events and luxury yatch get together’s are still continuing as they were before, showing a strong and growing belief in crypto. Social media groups and pages are also supporting crypto and actually persuading people to buy the dip, since there are strong beliefs of crypto rising again.
Apart from tech industry employees, people working with startups have also been demanding crypto in compensation of their work. Amongst the cryptocurrencies given as salaries, Bitcoin still stands at the first position.
‘Bitwage’, a major bitcoin payroll provider while speaking about the Bitcoin crash said that they have recorded the highest number of transactions between May and June, “regardless of the whole lot that is occurring”.
‘Merrick Theobald’, VP of selling at another crypto payroll company named ‘Bitpay’, while speaking on a similar topic said that “the value of bitcoin drops, typically individuals ask for extra payroll to be paid in bitcoin”.
