Three-Time NBA Champion Andre Iguodala Becomes Latest Athlete to Receive Salary in Cryptocurrency

Andre Iguodala, a three-time NBA champion and professional basketball player for the Golden State Warriors, announced on Twitter on Monday afternoon that he will be receiving what he estimates to be $1,000 in bitcoin. Part of the $2.647 million annual salary. In addition, Iguodala also stated that he will distribute BTC worth $1 million to fans in order to increase the adoption rate of Bitcoin. Payments will purportedly be facilitated by Block’s (formerly Square) Cash App.

Iguodala joins a growing list of celebrities, athletes, influencers and government officials who are doing the same. At least seven NFL players are currently opting for cryptocurrencies over cash salaries. Last year, Miami Mayor Francis Suarez and New York Mayor Eric Adams said they would pay salaries in bitcoin, and Suarez went a step further by investing his 401(k) retirement savings in bitcoin.

Paying salaries in Bitcoin or other cryptocurrencies could potentially have benefits for both employers and employees. First, companies with a large international workforce will not need employees' private banking information or make costly, slow-turnaround wire transfer payments. In addition, it saves employees the hassle of transferring fiat currency to a cryptocurrency exchange for investment, as they can exchange the received digital currency for the cryptocurrency they want at any time. Volatility issues are also easy to fix. Employees who are skeptical or bearish about the near-term movement of cryptocurrencies can simply exchange their salary in cryptocurrency for stablecoins as soon as they receive their paychecks in a wallet or exchange.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.