The cryptocurrency revolution is progressively finding its way into all the industries of the globe. This time, digital currencies set a new milestone with the convergence of crypto payments with football.
Alex Barrett, an American football player for the San Francisco 49ers of the National Football League (NFL), collaborated with Bitwage to get 100% of his salary in Bitcoin (BTC).
Bitwage enables anybody to get paid in bitcoin without their employer’s participation. Users who register with Bitwage acquire a bank account number subsequently sent to their employer. Once funds are deposited into the account, Bitwage converts the funds to BTC in the user-specified quantity and sends them to an address the user controls.
Speaking about his decision to receive crypto payments, Barret mentioned:
“I stumbled across Bitwage in a Twitter Spaces room a few months ago when they announced that they were supporting UFC fighter Matheus Nicolau and his journey to get paid in bitcoin,” Barret said. “I was amazed by how Bitwage set this guy up so easily and with VIP service. I thought, ‘why not me?’
He further added:
“When I came down to Miami, I saw the Bitcoin revolution in-person. I was bullish before, but something shifted in me,” Barrett explained. “I was completely sold, and getting to meet the Bitwage team was great. They treated me like their number-one priority, even before I was technically their client.”
The year is 2022, and innovative approaches are depleting the conventional systems. Individuals nowadays are dispersed around the globe and launching projects from across the planet. As a result, cryptocurrencies are quickly becoming an acceptable form of payment due to the ease of transactions.
What is the future of crypto payments?
Companies struggled to hire employees in 2021 due to a worker shortage. After years of taking people for granted, the pandemic destabilised the employment sector.
During this time, digital assets exploded in value. The plethora of new crypto initiatives and the phenomenal surge in the asset class’s value captivated the world’s attention.
Some individuals regarded the purchase of digital assets as a hedge against the falling global currencies, especially the U.S. dollar, which is being depreciated due to growing inflation and dubious policies from the federal government and Federal Reserve.
As inflation rises, if you are paid in fiat currency, the purchasing power of your salary will decline. Moreover, if one does not earn a substantial raise and inflation maintains the same or continues to soar, one will see a loss in purchasing power.
This does not imply that the company pays less; rather, the buying power of a person’s income is no longer as valuable as it previously was.
Given the falling appeal of fiat money, this may be the tipping point for why cryptocurrencies may become a widespread payment method in the future.
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