Citizens of El Salvador can now receive their salary in Bitcoin (BTC)

Strike allows Salvadorans to receive their salary in Bitcoin (BTC)

Strike, the Lightning Network-based cryptocurrency wallet, has just announced the addition of an option called Pay Me in Bitcoin. As its name suggests, this novelty automatically converts the money received from its employer into Bitcoin (BTC) without transaction fees.

I just published Announcing Pay Me In Bitcoin

If you save in USD, the quality of your life degrades with time.

If you save in #bitcoin, a high quality of life gets cheaper and increasingly attainable.

Today, everyone can get paid and save in #Bitcoin

– Jack Mallers (@jackmallers) October 14, 2021

“Strike users can use their account […] to activate direct deposit to their account and configure any amount of incoming money to be converted into Bitcoin, free of charge, ”proudly announces Jack Mallers, Founder and CEO of Strike.

With this new feature, Strike allows anyone to “get paid and save” with Bitcoin. In detail, the wallet offers to “convert as little as $ 0.50 of your paycheck into Bitcoin”.

This novelty mainly concerns the citizens of El Salvador, the first country to adopt Bitcoin (BTC) as legal tender. Since the beginning of September, all traders in the country must accept cryptocurrency as a means of payment.

To hold and exchange Bitcoin, Salvadorans are invited to go through the Chivo Wallet, the state’s digital wallet. To develop this wallet in record time, the administration of President Nayib Bukele turned to Jack Mallers’ company.

Ultimately, this novelty should make life easier for Salvadorans who wish to receive their salary, or part of it, in cryptocurrency rather than in dollars. At the same time, the government of El Salvador is considering the use of Bitcoin for the payment of wages. Despite the adoption of digital currency, the US dollar remains the reference currency for accounting in the country.

👉 Also read: El Salvador concretizes its idea of ​​mining Bitcoin (BTC) with the energy of volcanoes

Strike encourages saving in Bitcoin, a hedge against inflation

In a blog post posted on Medium, Jack Mallers encourages Strike users to save in Bitcoin rather than dollars or other fiat currency. As the founder of Strike points out, Bitcoin keeps increasing in value as the dollar loses each year. Currently, the price of Bitcoin is also close to $ 60,000.

The founder Strike evokes in particular the inflation which threatens the king dollar since the crisis of the Covid-19. In order to revive the economy after the crisis, central banks have indeed injected billions of dollars into stimulus plans as ambitious as they are desperate. In this context, prices increase and the fiat currency gradually loses its value.

“As of October 12, annual inflation in the United States was 5.4%, a 13-year record. The average savings account earns 0.06%, ”says Jack Mallers.

👉 On the same subject – Salvadorians deposit more money than they withdraw on the Chivo Wallet

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About the author: Florian Bayard

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