Bitcoin has continued to be the most talked-about digital asset in the crypto market, even though other coins have better use cases. The reason is not far-fetched because it is the one with the most promise asides from being the first-ever digital asset. The digital asset developed as far back as 2009 has grown over the years to now sell at $60,000.
Even though some coins were designed almost the same period or after, non has been able to upset Bitcoin. This is not only happening in the crypto market space as Bitcoin has gone on to become the favorites for many other things. In a recent statement by Microstrategy CEO, the firm has now kickstarted the initiative to pay their employees with Bitcoin.
Non-employee directors to be paid in Bitcoin
Microstrategy is not a stranger to Bitcoin, and its CEO, Michael Saylor, is not one to pass up an opportunity to use Bitcoin in his everyday life. Saylor went from being anti Bitcoin to a Bitcoin advocate, which would later be confirmed by the vast amount that they have pooled into the asset. Although Tesla has announced the payment for their cars with Bitcoin, it is still unclear if the car-making company would follow suit in the path of Microstrategy.
In the announcement that the company made, it pointed out that the payments for service in Bitcoin would be paid to some directors. The directors receiving these payments have been classified as non-employees, the company statement stated.
Henceforth, the directors in the bracket would collect their payments and all fees in Bitcoin instead of cash like other employees. Giving their reasons for taking the step, the company’s board of directors pointed out that they are committed to Bitcoin and want to take advantage of the asset.
Microstrategy holds about $5 billion in Bitcoin
Going by the new rule, the non-directors will receive their board fees which would remain the amount that they used to take. The board also mentioned that the amount of Bitcoin that would be paid to the non-employees would be calculated based on the widely accepted currency, the dollar. If payments are to be made, the company would convert the dollar equivalent to Bitcoin and send it to the respective employees’ wallets.
This news further buttresses the company’s devotion to Bitcoin, as said above, a move that started before the digital asset starting its massive surge last year. At this present moment, Microstrategy ranks as one of the companies with the largest amount of Bitcoin, with a massive $5 billion investment already in the bag.
The list includes car-making company Tesla, Square, and other entities in the financial system. In a press conference, Saylor pointed out that soon; we will see many companies flocking into the Bitcoin market to have a piece of the asset.
