Bitcoin Compensation Gains Traction as Fed Taper Begins

Bitcoin is increasingly showing signs of wide-scale adoption, the latest trend of which involves getting paid in the leading cryptocurrency. Most recently, NFL star Aaron Rodgers announced plans to receive part of his salary in bitcoin, while social media is aflutter with suggestions that famous podcaster Joe Rogan is also earning some bitcoin-related income.

The Green Bay Packers quarterback got the ball rolling on bitcoin pay at the beginning of November when he revealed that he will start taking part of his pay in bitcoin via Square’s Cash App. Rodgers said he believes in bitcoin, adding that “the future is bright.”

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Rodgers, who as the league’s most valued player last year, also launched a promotion to bolster engagement with his followers in which he promised to hand out $1 million in bitcoin to fans via Square’s Cash App. Rodgers boasts 4.4 million followers on Twitter, and his bitcoin tweet received more than 66,000 likes. He signed off by saying that he and his fans “could go to the moon together.”

 

I believe in Bitcoin & the future is bright. That's why I’m teaming up with Cash App to take a portion of my salary in bitcoin today.

To make Bitcoin more accessible to my fans I’m giving out a total of $1M in btc now too. Drop your $cashtag w/ #PaidInBitcoin & follow @CashApp pic.twitter.com/mstV7eal04

— Aaron Rodgers (@AaronRodgers12) November 1, 2021

According to reports, payments ranged from approximately $10 to $100.

Rogan’s Bitcoin Experience

In addition, Joe Rogan and Ari Shaffir in a recent episode of The Joe Rogan Experience alluded to the fact that the podcast star had recently gotten paid in bitcoin. Shaffir discussed a payment that Rogan received for over $100,000, which Rogan further explained was not in U.S. dollars and instead was “all in bitcoin.”

Fed Taper

The push toward bitcoin adoption comes as inflation continues to rear its head in the U.S. economy, rising to heights it has not seen in 30 years. In response, policymakers have left interest rates at close to zero for now but unveiled plans to begin tapering their aggressive bond-buying program starting this month.

Bitcoin has shined as a store of value asset as the Fed has kept the money printer turned on, outperforming gold. Even as the Fed winds down its asset purchases, the catalysts seem to outweigh any signs of fear as the bitcoin price continue to hover at about $62,000.

The bitcoin price initially fell in response to the Fed’s taper development, but it didn’t stay down for long.