Crypto adoption is right around the corner, and Millennials don’t want to be left out of it. Following in the footsteps left by athletes and politicians, companies and employers out to attract a younger workforce are offering crypto salaries as bait.
Most people today recognize cryptocurrencies for their quick price appreciations; this has prompted more employees, especially the younger workers, to ask for the option of getting paid in crypto.
According to a recent CNBC report, most Millenials today prefer companies that offer salaries in cryptocurrencies in their bid to become exposed to the booming crypto industry. A case in mind is that of a senior at Clemson University in South Carolina, Stephen Gerrits, who has chosen to get paid in crypto in one of his part-time jobs. Saying he might have earned more in crypto due to price appreciation, Gerrits stated:
“Why not take the chance or the opportunity to kind of strike it rich, get some money out of it? […] I probably check it like three times a week.”
Crypto payment option to attract fresh talent
In the same vein, independent cross-sport rating agency SharpRank uses the crypto payment option to attract fresh talent. The company tries to lure “campus captains,” influential college students, offering the crypto option. SharpRank’s co-founder and CEO Chris Adams said:
“We wanted to differentiate ourselves from the pack when they [prospective employees] looked at what we were doing as a startup.”
According to another report by the New York Times, engineers and executives from leading tech companies such as Meta, Google, and Amazon were quitting to join crypto startups. The most recent case was that one of Amazon’s vice presidents of cloud computing, Sandy Carter, left her job to join Unstoppable Domains. Also, Brian Roberts, the former chief financial officer of Lyft, joined NFT Marketplace OpenSea. Saying that NFTs were poised to make a significant impact in the near future, Roberts stated:
“I’ve seen enough cycles and paradigm shifts to be cognizant when something this big is just emerging.”
Scramble for a spot in crypto firms
Noting the increasing competition for talent, Sridhar Ramaswamy, chief executive of search engine startup Neeva and a former Google executive, said:
“There is a giant sucking sound coming from crypto. It feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity.”
As leading lights scramble for a spot in crypto firms, investors are, on the other hand, pouring money into the space with more confidence. This describes the $28 billion investment poured into crypto initiatives in 2021 alone. For perspective, that figure is 4x more than the number poured into crypto firms in 2020.