Wall Street Set to Pay Bonuses in Bitcoin
While some believe bitcoin is the 21st century Tulip bubble destined to crash, many other firms and institutional investors on Wall Street are busy looking for ways of integrating bitcoin and altcoins into their operations.
Bonuses in Bitcoin
At press time, the world’s number one cryptocurrency is worth well over $16,000. According to CoinMarket Cap, the bitcoin market capitalization currently stands at $282 billion.
With bitcoin’s value raging bullish and altcoins like Ethereum, Monero and a handful of others doing well in their right, Wall Street can’t seem to ignore the crypto revolution and has hinted at paying some employees bonuses in digital currency.
Bob Graham, a cryptocurrency juggernaut currently plying his trade at Friedman, an Accounting and Advisory firm, has said organizations who pay employees bonuses in bitcoin, stand the chance of attracting highly talented workers. He explained that,
“We’ve certainly gotten a lot of inquiries from hedge funds and other asset managers looking to understand cryptocurrency a little better, as they contemplate whether or not this is a good time to enter the marketplace.”
The ever-rising value of the digital store of value, along with the series of bitcoin futures launches by a handful of exchanges, has succeeded in triggering the interest of the New York-based finance sector. Since last week, top officials of the financial services giants have not stopped talking about the prospect of getting their conventional bonuses paid in crypto instead of fiat.>
In the same piece by the New York Post, Aaron Kaplan, a securities attorney at Gusrae Kaplan Nusbaum, said: “Partners in some venture funds, as part of their packages, are already accepting virtual tokens tied to initial coin offerings now that the rising value of cryptocurrencies has been demonstrated.”
The official further reiterated that the Wall Street bitcoin bonus is a possibility.
Wall Street Following the Money
Despite comments from major banks and hedge funds, the finance sector has still been lured into the same crypto mania their clients have asked about.
Graham continued to outline the ambiance he faced on a daily basis by saying that, ““We’ve certainly gotten a lot of inquiries from hedge funds and other asset managers looking to understand cryptocurrency a little better, as they contemplate whether or not this is a good time to enter the marketplace.”
Not only that, but after bitcoin’s futures were launched at CBOE on December 10, 2017, the stability of the cryptocurrency endorsed its capacity as a commodity “That people, including the institutions, will be able to participate in.”<