Software company Sequoia Holdings is now letting its employees get paid in Bitcoin, according to an announcement today. It will also let them get paid in Bitcoin Cash or Ethereum if they so wish.
"We're excited to offer the members of our team this new benefit," said Richard Stroupe, CEO of Sequoia Holdings. "Many of our employees are enthusiastic supporters of cryptocurrency, and we're happy to help them gain exposure to this trillion-dollar asset class."
Employees can choose to defer a portion of their salary into cryptocurrency; the announcement did not state if that portion can rise to be 100%. The firm is working with a third-party payroll processing firm in order to manage taxes, which will be kept in fiat money, and hold the cryptocurrency.
The firm noted that this is similar to how an employee may defer a portion of their salary toward a 401(k) retirement fund. However, the difference here is that this only applies to income after taxes have been paid.
"Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds," Stroupe said. "We're proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings."
Update: This article originally referred to Sequoia, the venture capital firm. It has been corrected to show that this announcement is by Sequoia Holdings, a software company.
OSATO AVAN-NOMAYO 5 HOURS AGO Bitcoin market cap exceeds Canada's M1 money supply once again
The Bitcoin market capitalization is once again sufficient to cover the M1 money supply of either Australia or Canada.
Another day of gains for Bitcoin (BTC) has seen the price of the largest cryptocurrency by market capitalization go beyond the $1.1 trillion mark — $1.105 trillion to be precise.
This market capitalization growth now means that Bitcoin’s market size has surpassed Canada’s M1 money supply which stands at $1.104 trillion, according to data from CEIC.
At the present figure, Bitcoin’s market capitalization is also greater than the M1 money supply of the Australian dollar, which currently stands at $1.079 trillion.
By exceeding Australia and Canada, Bitcoin's market capitalization is once again large enough to make BTC appear in the top 10 “stock of narrow money” rankings.
M1, or narrow money, refers to the total supply of physical currency in circulation as well as traveler's checks and other forms of demand deposits held by non-banking institutions, public firms and private sector organizations among others.
Bitcoin’s climb to the top 10 of the global M1 money supply charts offers yet another indication of the pace of BTC’s growth as a currency. Back in November 2017, Bitcoin was only ranked 32nd in terms of narrow money supply.
The BTC market capitalization surpassing Australia and Canada’s M1 money supply means the U.S. dollar value of every mined Bitcoin thus far is sufficient to replace the current currency circulation in either country, with a few Satoshis left over.
Spain and Italy are the only two nations above Bitcoin whose M1 money supply figures are below the $2 trillion mark.
At the current Bitcoin total supply of about 18.67 million BTC, the asset price will have to reach $90,600 to leapfrog both Spain and Italy on the M1 money supply log.
Bitcoin is currently trading above the $59,000 mark, with PayPal recently announcing the launch of crypto payment support for U.S. customers. The largest crypto by market capitalization is up more than 100% year-to-date.
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