Payments in cryptocurrencies have become more and more widespread. Even though the market is in a downtrend, Bitcoin adoption is still extremely evident. Everbowl is the latest company to offer salaries in Bitcoin. Their corporate workers can now get a percentage of their wages in BTC, the firm announced in a news statement on Wednesday.
Everbowl founder and CEO, Jeff Fenster, said
“We are proud to be at the forefront of exploring how Bitcoin can be used as an alternative savings vehicle for our corporate employees.”
The development follows the company’s decision earlier this month to operate on the Bitcoin standard, which also resulted in the conversion of the company’s cash reserves to BTC. Everbowl aims to provide the option for its corporate employees to be paid in BTC from next month onwards, which they are branding as Bitcoin Savings Plan.
As per the statement,
“The plan, slated to launch in March 2022, allows corporate workers to take as much of their earnings in each pay period as they want in Bitcoin.”
According to the press release, Fenster would “lead by example” by taking his income in BTC.
Why the decision to move to Bitcoin?
Several factors, such as inflation, have pushed the company towards this move. Fenster said;
“The highest U.S. inflation rate in four decades and the excessive debasement of the U.S. dollar have contributed to everbowl’s move to become an early adopter of the Bitcoin Standard at the corporate level….These situations affect our employees as well, and our position as a high-growth company allows us to be innovative in providing opportunities for our employees to be successful.”
Mass adoption on the way?
In 2021, we saw plenty of organizations that were willing to pay their employees in Bitcoin. Not to mention, many athletes have also started to take their salary, or a portion of their salary, in crypto. #PaidInBitcoin became a movement as the practice gained traction.
We have also seen the establishment of crypto-based institutions, like the Shiba-themed restaurant Welly, which accepts Shiba Inu as a method of payment.