Argo Blockchain is the first listed company to pay a salary in Bitcoin
Argo’s chief executive is now receiving his salary in the form of the cryptocurrency, and the staff will now also have this option.
UK crypto miner Argo Blockchain revealed this week that CEO Peter Wall is now the first executive of a listed company to be paid his salary entirely in bitcoin (BTC).
According to an annual report from the company, which is listed on the London Stock Exchange under the symbol ARB, Wall has been drawing his Bitcoin Billionaire salary in the form of the market-leading cryptocurrency since this Monday. According to the report, from now on “all Argo employees can choose to be paid part or all of their salary in Bitcoin”.
Speaking to Cointelegraph, Wall says the decision was a logical one for Argo, as the mining company mined 129 BTC last month and currently holds 599 BTC.
“I woke up in the middle of the night wondering why I was actually getting paid in fiat currencies,” as Wall explains in this context. Inevitably, this led him to ask, “Why don’t we pay ourselves our salaries in Bitcoin?”
The Argo CEO cites football player Russell Okung as an additional inspiration, as the NFL pro had begun taking a portion of his salary in Bitcoin in late 2020 to media attention. However, it quickly emerged that his employer, the Carolina Panthers team, continues to transfer the salary in US dollars. Okung therefore uses a crypto service provider to convert part of this sum directly into Bitcoin at a time.
However, Argo actually pays Wall’s salary directly in bitcoin from its own holdings
The CEO states that there is “great” interest among the mining company’s staff, which is why he assumes that the alternative offer will be accepted by many employees. However, the local currency will continue to be used as the unit of account, with the exchange rate calculated daily according to Satstreet data.
Not only the employees of the listed company are interested, but also some share holders have already asked whether they could have their dividends distributed in the form of the cryptocurrency. The crypto miner has also received encouragement for this step from managing directors of other companies.
But it is not only the positive feedback that encourages Wall in his decision, as he believes it is advisable to draw part of the salary in Bitcoin anyway, as the cryptocurrency acts as a store of value.
“Payment methods for salaries are evolving, and we are glad that we could contribute a big step towards this,” says the Argo boss.
Accordingly, he predicts that even large corporations like Google will offer crypto salary payments “in three to five years”:
“In the long run, I have no doubt that we will use cryptocurrencies as a means of payment in all areas of our daily lives.”