Gold believer Peter Schiff claims that "people can't work to receive bitcoin wages." But in Kraken, more than one-third of employees do this, and they are not exceptions.
Schiff made this point when he debated Bitcoin with Bitcoin Standard author Saifedean Ammous. He also said that compared with gold, it is easier to believe that the government will ban Bitcoin.
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Soon, the cryptocurrency exchange Kraken hit his face and said on Twitter that the company "paid wages for 250 employees in bitcoin in April." The company also said that more employees choose to use cryptocurrency as a salary every month.
Kraken also said that a former employee who chose Bitcoin for wages in 2012 was retired in 2013.
Since Kraken currently has about 800 employees, this is a big percentage, about 30%.
In response to Kraken's tweet, Schiff pointed out that this was wrong. He said that unless the employee's salary is a fixed amount of bitcoin, if their salary is in US dollars, and thus the equivalent of bitcoin, it will not count.
What he said is very reasonable. Most people's monthly salary is fixed, and the volatility of Bitcoin does not apply to this. In addition, it is unlikely that any employer will provide wages denominated in bitcoin.
But when Bitcoin stabilizes and becomes a global reserve currency, the level of volatility we see today will be history. Many people can't take a few ounces of gold a month as a salary. This makes his point of view meaningless.
Interestingly, you can buy gold in Bitcoin on the Schiff website. Therefore, he must admit that bitcoin is not completely worthless.
There are many benefits to paying wages in bitcoin, especially as a simple entry point for a fixed monthly vote. Converting your monthly budget into legal currency is easy, and the remaining assets can be the best investment in 2019.