This conference session took place on day two of the Bitcoin 2021 conference in Miami on June 4 and 5. Experience the #Bitcoin2021 party from anywhere in the world by joining our conversation on Telegram, and be sure to subscribe to our newsletter to stay on top of the latest Bitcoin news and all the happenings at Bitcoin 2021.
In this conference session, Jack Mallers, Ghazi, Money Man, Sean Culkin and Russell Okung sat down to talk about something that Mallers has been a pioneer in; paying people in bitcoin.
The innovation around this sector of the Bitcoin industry has been fast-paced and will be the source of major change in the global economy going forward.
“I think this is going to turn into a revolution,” Mallers said in regards to the impact of bitcoin denominated paychecks.
Ghazi agreed, stating “Ultimately I think the peer to peer nature of it and how fast you can get money to somebody was most important, and that’s why I’m investing a lot of time and energy into it.” With advances in lightning technology making the instant transfer of value possible, the value of such a technology quickly became apparent, as the panel observed.
Culkin was also in agreement, saying “For me it flipped when I started viewing myself as a corporation. I need to do what every other corporation is doing, in this economic environment and that is viewing cash no longer as an asset but as a liability.”
Okung further described the strategy behind this, “So I literally took dollars, and moved it into the best asset in history. And as it skyrocketed, people were crazy excited, but here’s what the most impactful part for me was: my wealth was changing. And I didnt take another shot to the head in order to have that happen. That’s f****** Bitcoin, right?”
The benefits of this were not limited to athletes; “Well it’s definitely attractive as an artist because you can get paid in real time. It has the technology to pay you in real time. As you stream records you can get paid right then as opposed to waiting a month, two months to 3 months or 6 months,” said Money Man on the ability for artists to get paid in bitcoin.
The panel made it obvious that the people who had been utilizing this technology were thoroughly impressed with the benefits they were reaping.
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