On Monday afternoon, three-time NBA champion and Golden State Warriors professional basketball player Andre Iguodala announced via Twitter that he would take part of his estimated annual salary of $ 2.647 million in Bitcoin (BTC) . Additionally, Iguodala added that he would distribute $ 1 million in BTC to fans to increase digital currency adoption. Payments would have been facilitated by Block’s (formerly Square) Cash app.
I am delighted to announce that I am taking part of my salary in BITCOIN w. Application of cash! Bitcoin is the future, @klaythompson and I’m both believers. To make bitcoin more accessible, we’re giving away $ 1 million in bitcoin to fans today. Deposit your $ cashtag w. #PaidInBitcoin & to follow @CashApp
– andré (@andre) January 10, 2022
Iguodala joins the growing list of celebrities, athletes, influencers and government officials doing the same. At least seven NFL players are currently choosing crypto over cash wages. Last year Miami Mayor Francis Suarez and New York City Mayor Eric Adams said they would take their paychecks in BTC, with Suarez taking it up a notch by also investing in BTC with his 401 (k) retirement savings ( k).
Taking paychecks in BTC or other crypto could potentially benefit both employers and employees. For starters, companies with a high percentage of international workers wouldn’t need their staff’s private banking information, nor would they have to make expensive and slow wire transfers to make payments. Also, it would prevent employees from moving their trust funds to crypto exchanges for investments, as they can easily trade the digital currencies they receive for whatever they want. Volatility issues are also easily resolved. Employees who are skeptical or bearish about short-term coin movements can simply exchange their crypto paycheck for stablecoins as soon as they receive them through a wallet or exchange.