Basketball player Andre Iguodala of the Golden State Warriors, a three-time NBA champion, announced via Twitter on Monday that he would be taking Bitcoin as part of his estimated $2.647 million annual wage.
Furthermore, Iguodala said that he is giving away $1 million worth of Bitcoin to fans to increase the adoption of digital currency. Cash App (formerly Square) was said to facilitate payments.
Hundreds of celebrities, athletes, influential people, and government officials have joined Iguodala in doing the same. NFL players choose crypto over cash salaries in at least seven cases.
Employers and employees might both benefit from receiving paychecks in bitcoin or other crypto.
Companies with large percentages of international employees would not need to obtain the bank account information of their employees, nor would they need to pay using traditional, slow-moving wire transfers.
Employees also don't have to move their fiat funds to crypto exchanges for investment purposes, since the digital currencies they receive can readily be exchanged for the one they prefer.
It is also easy to resolve volatility issues. If an employee is skeptical about coins' near-term movements, they can easily exchange it to stablecoins via a wallet or exchange the moment they receive their crypto paycheck.