Bitcoin as Salary: Five Major Companies Which Pay Their Employees in Bitcoin
The value of Bitcoin has risen dramatically over the years. It has prompted several businesses to accept Bitcoin (BTC) as a legal form of payment and transaction. Clearly, cryptocurrencies are here to stay. Many businesses have recently begun paying their staff with Bitcoin as a perk to attract top personnel – and it is not only IT firms that are doing so.
Oh, but how about the tax?
It appears that as the industry evolves, so will the tax rules. Employees will almost always be subject to income tax on their Bitcoin salaries, which is computed based on the currency’s value at the time the payment is received, regardless of where they are in the world. However, depending on the tax jurisdiction, workers may be required to pay capital gains tax if the value of their Bitcoin has increased. If you are interested in investing in Bitcoin, check out this Bitcoin trading platform!
Let us take a look at these seven major companies paying their employees in Bitcoin.
Bitwage provides services such as payroll, invoicing, and digital assets to offer solutions for businesses and their employees. Since its inception in 2013, over 5,000 suitable candidates have applied for Coinality’s Bitcoin-paying service. Bitwage allows employees in the United Kingdom, Europe, and the United States to convert their fiat currency salary into cryptocurrency. Last year, it was reported that the company has started providing workers with the option of receiving salaries in cryptocurrency without the risk of volatility.
In June 2020, it began accepting Ethereum (ETH) payments, in addition to Bitcoin (BTC) and Bitcoin Cash (BCH). Employees and freelancers can select whether their payments are distributed in Bitcoin or currency.
The GMO Internet Group is a Japanese company dedicated to the advancement of the internet infrastructure, online advertising, media, internet finance, and cryptocurrencies. GMO works with sophisticated institutions, financial intermediaries, and families to develop creative solutions that fit the needs of their customers.
GMO Internet employees can choose to have up to 100,000 yen of their monthly pay paid in Bitcoin. This is around $900. The traditional currency will be used to top up the remainder of their rate. It is also not required, and GMO Internet employees can choose to get their whole payment in yen. Approximately 4,000 GMO Internet employees would be eligible to receive Bitcoin compensation.
Purse.io, which was founded in 2014, is a website that offers customers leftover Amazon gift cards as well as the ability to purchase Amazon items using cryptocurrency. Employees at Purse.io are paid in Bitcoin Cash (BCH). The goal of this service is to make cryptocurrency more usable. While purchasing any goods on Amazon, the wallet lets customers name their savings.
SC5 is a Finnish internet technology firm that creates apps, software and provides other services. Technical evaluations and migration assessments are performed by the firm. From concept through post-analysis, it also develops and implements concepts and solutions. Since 2013, SC5 has been paying its staff with Bitcoin (BTC).
Spot.IM is a project that attempts to democratise and enhance online discussions. It is currently known as OpenWeb. The platform employs artificial intelligence (AI) and machine learning to encourage healthy conversation, reduce toxicity, and increase community participation.
The firm has established its cryptocurrency exchange, via which all workers’ monthly payments will be converted to Bitcoin (BTC) and transferred to their digital wallets.
Special mention: Twitter
According to a recent Cointelegraph report, Twitter might be the next big company to buy Bitcoin (BTC) for employees, as per Twitter’s chief finance officer (CFO).
Ned Segal, Twitter’s CFO since 2017, reacted to queries about how the company would react to Tesla’s $1.5 billion Bitcoin (BTC) investment in an interview on CNBC’s Squawk Box in February. Segal said the internet giant was keeping a close eye on competitors and was considering adding the cryptocurrency to its books or using it to pay Twitter employees’ salaries.
Twitter’s CEO, Jack Dorsey, is a fan of Bitcoin. It is revealed by using the hashtag #bitcoin on his Twitter profile. Dorsey is also the CEO of Square, a payments company that is said to have purchased $50 million in Bitcoin in October. He also created Square Crypto, a small organisation dedicated to the advancement of Bitcoin.
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