Swiss Publishing House Netzmedien AG Plans to Pay Employee Wages in Bitcoin Moving Forward
The Swiss-based company Netzmedien AG will be paying employees’ wages in Bitcoin (BTC).
The decision to dump fiat currencies for Bitcoin was released by the company on April 1st. This follows the decision to convert half of its assets to cryptocurrencies. The firm offered employees the possibility to choose between Bitcoin and Swiss Franc.
Swiss Company to Pay Employees in Bitcoin
Heinrich Meyer, the chief executive officer of the company, explained that they will start accepting Bitcoin as soon as mid-2019 for media publications. The firm has eight technology-related magazines and also a full-fledged website. It is worth mentioning that Mr. Meyer informed that the employees will be receiving more than what they requested for via their payrolls.
This is very bullish for Bitcoin that did not have a positive year in 2018 and that is trying to leave the bear market. Back in December 2017, the digital asset reached $20,000. A year later, Bitcoin was traded close to $3,200 the lowest point in more than a year.
It seems that the company is entering the cryptocurrency market as a speculator since the firm appears to be holding digital assets as an investment. They expect to exchange it for fiat currencies at a higher flat rate. According to Fabian Pöschl, a long-time assistant editor-in-chief at the company, fiat currencies were too tricky to deal with, and this is why he voted in favour of paying employees with Bitcoin.
“Why to carry Swiss francs with me if I can have my money as a cryptocurrency digitally on my mobile phone,” he commented.
In addition to it, it could be possible for employees to select their favourite virtual currency as a means of payment. Netzmedien confirmed that it will be diversifying its cryptocurrency investment portfolio.
The firm explained that users will be able to select four different cryptocurrencies, including Bitcoin and Ethereum (ETH), among others.
This decision is very important for crypto adoption around the world. If there are other companies starting to pay employees in Bitcoin, it might be possible to see increased demand and usage of Bitcoin.
Switzerland has usually been very open to digital assets and blockchain technology. This shows that the companies located in the country are also ready to embrace new technologies and support them in different ways.
*Update – While it would be great for bitcoins adoption, this story is 100% untrue. It was an April Fools joke