Cryptocurrency is not yet a widely accepted substitute for fiat currency like the U.S. dollar. But some high-profile names in politics, entertainment and sports might be helping to change that by accepting some or all of their salaries and bonuses in crypto.
The reasons behind this choice vary from individual to individual. Some view getting paid in cryptocurrency as an investment in the future price appreciation of the asset class, while others see it as a way to publicize cryptocurrency. Still others view it as a way to break free from the oversight of the federal government. Whatever the reason, it's generally wise for only the wealthy to commit to receiving a salary in cryptocurrency, because it involves enormous risks.
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Most Americans live paycheck-to-paycheck, and their budgets are built around the regular salaries they receive. But, if you were to receive your wages in cryptocurrency, you could never anticipate how much your check would actually be. Within literal moments of receiving your pay, its value might drop by 10%, 20% or more.
Although you may get lucky and see the value of your paycheck rise, perhaps even dramatically, the risk of getting paid a significantly smaller amount than you anticipate can wreak havoc on your personal budget. In some cases, you might even have to file bankruptcy. That's not the type of risk most Americans should be taking with their primary source of income.
For wealthy celebrities, politicians and sports figures, however, taking some or all of their pay in cryptocurrency can simply be a way to have fun or to speculate on an exciting new asset class. Here are some of the most prominent public figures that have publicly disclosed that they would take some or all of their salary in cryptocurrency.
Aaron Rodgers, Green Bay Packers QB
Crypto pay: Portion of salary
On Nov. 1, 2021, Aaron Rodgers made headlines when he tweeted "I believe in Bitcoin & the future is bright. That's why I'm teaming up with Cash App to take a portion of my salary in bitcoin today." While the exact amount of his payment was not disclosed -- and the statement was made as part of a promotional campaign for Cash App -- Rodgers is one of the most well-known celebrities to get paid with Bitcoin.
Francis Suarez, Miami mayor
Crypto pay: One paycheck
Francis Suarez, the mayor of Miami, announced in November 2021 that he would take his next paycheck in Bitcoin, and he expressed the desire to pay the city's 4,000 employees in cryptocurrency as well. As with NYC Mayor Eric Adams, Suarez took the step to promote his city as a cryptocurrency hub. He also wants other cities to join the movement, asking mayors to "sign on to a mayoral crypto compact."