The trend of receiving paychecks in crypto is on the rise. Despite weak market conditions, the phenomenon does not seem to be slowing down. After a series of athletes and celebs, Mayor Adams of New York City is all set to receive his first crypto paycheck. Eric Adams, the mayor of New York, had already announced that he would take his annual salary of $97,000 through Bitcoin for the first three years. Mayor Adams would receive his paycheck first in fiat currency, then have it converted into Bitcoin through crypCoinbase. There are various mandates in the United States that make it impossible for individuals to directly receive salaries in Bitcoin. However, there are no restrictions to converting fiat salary into Bitcoin or any other cryptocurrency. As a result, many people are willing to go the extra step to have their paychecks in Bitcoin.
The major reason behind this trend is rising inflation levels in the United States and the rest of the world. Many countries in the world have suffered from inflation and money has lost its value significantly. Under such circumstances, many people want to invest their money into a medium that would hold value in the future. For a long time, gold was the preferred mode of investment and was the leading reserve of value.
However, Bitcoin has outperformed gold significantly over the past few years and is set to do so in the future. As we go deeper into the second decade of the 21st century, we can expect to see the general population adopt this movement.