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In 2021, #PayMeInBitcoin began trending on Twitter. Here’s why we’re adding the opportunity to turn the hashtag into a reality with Mode.
It’s no secret that Bitcoin has played a pivotal role in the re-direction of the financial ecosystem over the past decade. With more and more people across the UK adopting the digital asset as a portion of their portfolio¹, it’s unsurprising that the demand for optimised, automated routes into buying, earning, and growing Bitcoin has seen an increase over the past 12 months.
Familiar names across the globe (like Spice Girl’s Mel B) have been accepting Bitcoin as payment for years - but following the announcement late last year that four US politicians were planning to begin receiving their salaries in Bitcoin, the hashtag ‘#PayMeInBitcoin’ began trending on Twitter, and soon became a global movement. The term has since been widely adopted among crypto enthusiasts and newbies alike, with a number of global events - like El Salvador moving to formally recognise Bitcoin as national legal tender, and even the UK Govt. announcing plans to build a homegrown crypto hub - triggering the hashtag to re-circulate social media platforms time and time again.
In light of this rising demand for ‘Bitcoin salaries’, last year, the team over at Mode - UKbased fintech & crypto app - commissioned research into the topic and found some pretty interesting results. The study showed a clear pattern: being paid in Bitcoin (partly or in full) is in popular demand. Among the British Bitcoiners who were surveyed, a whopping 76% were interested in receiving a portion of their monthly salary in Bitcoin. More impressively, when they looked closer at younger demographics this sharply increased to 81% across 25-34-year-olds.
Over the past year, Bitcoin adoption has indisputably accelerated within the business world, too. We’ve seen major retail names like PayPal, Etsy, and Starbucks² adopting Bitcoin in some manner, and it’s safe to suggest by now that the term ‘Bitcoin’ itself has likely been uttered in most - if not all - workspaces on one or more occasions.
This year, we teamed up with Mode to launch our payroll solutions into the future and begin building a payroll structure that can support a Bitcoin payroll programme - a set monthly deduction from employees’ net salary to purchase Bitcoin.
Mode launched their pilot Bitcoin Payroll product in November 2021, initially offering their own employees the opportunity to earn a percentage of their monthly income in Bitcoin. The pilot proved successful, with an impressive number of employees requesting for the opportunity to be continued.
Soon after, the firm launched the product as a nationally available payroll integration for employers and payroll providers, and we’ve been incredibly excited to be one of the first organisations to partner up with them in offering the initiative to our clients, businesses, and entrepreneurs.
Employers who choose to implement the Bitcoin Payroll programme into their payment infrastructure can enjoy a convenient & trusted solution for employees to average out their Bitcoin purchases, while also attracting new recruits & retaining loyal employees by offering a unique payroll solution.
The exciting and innovative move enables forward-thinking businesses to be at the forefront of the crypto economy and allows employees across all industries to grow a Bitcoin portfolio automatically.
If you’re interested in paying your employees in Bitcoin, learn more here.
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