Should You Get Paid In Bitcoin?

Bitcoin this Bitcoin that Crypto currency is going to take over the world and become the next digital currency. Its a new world order blazay blah.

You hear a lot of different things going on in the cryptocurrency space especially with Bitcoin and different folks taking their paycheck in bitcoin instead of the US dollar. 

Miami Mayor Francis Suarez said last month he would take his next paycheck “100% in Bitcoin” and has announced that he is working on a plan to pay the city’s more than 4,000 employees in cryptocurrency. 

Not only that, residents would be able to pay fees and taxes in Bitcoin, he told Bloomberg Television in an interview earlier this month.

Not to be outdone, New York City Mayor-elect Eric Adams says he’s exploring ways in which all the millions of people working in the largest U.S. city could be paid directly in Bitcoin and other cryptocurrencies. 

He himself said last month that he would take his first three paychecks in Bitcoin. Professional athletes Russell Okung, Odell Beckham Jr and Aaron Rodgers have all said they will be paid at least in part in crypto.

So what about the everyday people like all the 9-5ers, 10 -6ers and what have you. 

Should you get paid in Bitcoin?

There is one reason why you should get paid in Bitcoin and its the same reason why you shouldn’t get paid in Bitcoin and that’s volatility. Cryptocurrency is a very volatile market and can skyrocket and drop in a moments notice. 

It could be up 20% one day and down 30% the next. It’s very risky to put your whole check in such a risky market. What I suggest and remember this is just a suggestion because at the end of the day this is your decision. 

I suggest that you only get paid a portion of your check in a cryptocurrency like bitcoin or what have you. 

This will guard you from exposing your whole income to such a volatile market. Another option would be to take a percentage of your income and invest on your own this would make it easier to have much more control of what you invest and how much you invest when you get paid. 

Because as we stand at this moment using cryptocurrency to buy things is not as common as we would like so you would need to guard yourself from catastrophic loss of income if the market crashes.