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In recent years, digital money has expanded significantly. In addition to trading and exchanging, several companies are now taking bitcoin as a means of payment.
Digital money will soon be part of an employee savings plan at a bank operating in Texas. Could receiving Bitcoin salaries become an option in the future?
Texas Bitcoin – Vantage Bank’s Innovative Decision
Vantage Bank is among the first companies to allow workers to join a Bitcoin savings plan. In this context, businesses are altering their benefits packages to keep up with the evolving financial landscape of Bitcoin.
No-fee NYDIG bitcoin savings programs are now available to Vantage Bank employees. With NYDIG, employees have access to an option to invest for the future in Bitcoin, the world’s best-known cryptocurrency.
According to a poll, over a third of young workers wish to earn some wage in Bitcoin. As proof, more and more workers requested the Bitcoin Savings Plan at Vantage Bank.
The poll says one out of four workers would choose a firm that offers a Bitcoin payroll plan over a competitor. This trend is particularly evident in workers below thirty years old.
A crucial part of retaining employees appears to be providing a Bitcoin Savings Plan. A fifth of those polled indicated they would quit their current post for a similar one with BTC benefits.
Once again, this trend is more evident in employees under 30. This category claimed to be much more likely to quit a job for a similar one paid in Bitcoin.
Consequences for Employees
This new savings plan will allow employees to set aside a percentage of their paychecks and convert them into Bitcoin. NYDIG then moves the digital assets into its institutional-grade custody platform.
On its website, the company promises that the portal meets the strictest security and regulatory standards.
Jeff Sinnot, the president and CEO of Vantage Bank, said that he was delighted with this recent decision.
Giving team members the best benefits lets the bank stay updated with new ways to do business. As part of the deal, people at the company are also getting help learning about Bitcoin, Sinnot said, as part of the deal.
Sinnot wishes to educate people about the risks of putting post-tax money into a Bitcoin Savings Plan.
Interestingly, the bank does not offer a way for its clients to buy Bitcoin or cryptocurrencies as of today. The company’s Chief Business Architect joined Sinnot to underline the bank’s recent entrance into the Texas Blockchain Council.
Should We Expect Similar Moves from Other Banks?
The rise in Bitcoin and cryptocurrencies demand enhances the process leading to their mass adoption. Goldman Sachs’ private wealth management division may soon start to propose investment vehicles for BTC and other digital assets.
However, it is probably too early to say that banks are becoming crypto-friendly companies. If we take one of the largest banks in Europe, Italy’s UniCredit, we have an excellent example of what we are saying.
UniCredit is willing to pay over $140 million as a fine for wrongfully shutting down a professional crypto miner’s account. Decentralized finance is planning to change the role of banks in our economy, which makes this fight not surprising.
The Experts’ Expectations for Bitcoin in 2022
The report stated that Bitcoin and the broader crypto market have grown more connected with technology equities. What is happening, in this case, is that institutional investors have gradually entered the market. These players behave differently compared to small retail traders.
After a bumpy beginning, the study predicted that BTC would hit $200,000 in the year’s second half.
Bitcoin will need to attract a new wave of investors to achieve this goal. After all, last year, we witnessed a similar phenomenon, with institutional investors entering the game.
Therefore, the real question here is whether BTC can manage to persuade a new group of investors.
Texas Bank Bitcoin – Final Thoughts
A plan allowing workers to convert a portion of their salary into BTC may satisfy both employers and employees:
- Innovative benefit offerings can help employers differentiate themselves from their rivals.
- Employees can allocate a part of their salary on the market on a highly promising asset.
Overall, Sinnot is right in wishing to educate employees on the risks of cryptocurrencies. We are talking about a highly volatile set of financial assets that no one can take for granted.
Prohibiting its use to integrate a salary is probably the wrong approach from a regulatory point of view. Financial education can help investors make informed decisions on the market, proposing a preferable strategy to handle the matter.