A Switzerland-based IT trade magazine named Netzmedien AG is a publishing house that has made it to the news by dumping fiat currency for bitcoin. The publishing house would now be paying its employees in the volatile cryptocurrency. The publishing house seems to believe in uncertain, market-based currency over traditional form of payment.
Netzmedien AG has revealed today that it would soon start paying wages in bitcoin. As the company is in the process of converting its holdings into crypto, it has also taken it ahead by including its employees directly in it. Now the employees would receive their salary in crypto form. However, this was not a mandatory payment method, and the employees had an option to choose between fiat (Swiss Franc) and cryptocurrency. However, in the voting conduct, Bitcoin won.
The CEO of the publication house Mr. Heinrich Meyer said that the house would start accepting bitcoins by mid of this year for their media publications. The publication house has eight technology-related magazines along with one active/updated website. He said that by paying the employees in crypto, they would be able to earn more than the fiat, as he is expecting the market to go bullish in the future. He said,
“They will be able to hold or resell bitcoins at a higher price.”
The CEO is dreaming a bullish dream, but the recent past of the market is telling a different story. The crypto market had lost one-third of its value in more than a year. The largest cryptocurrency in the world, Bitcoin had to shed over 70 percent of its value by the end of 2018. However, in the first corner of 2018, the crypto market started showing a positive trend, and it recovered up to 13 percent. Many people believed that this would end the bearish mood of the market and the crypto space would jump to its former glory soon.
However, people forgot that the market is always volatile. The present condition of the market is neutral, and many estimations and predictions are being stated. The editor-in-chief of the publication said that bitcoin is becoming a relevant mode of payment; its adoption and acceptance is also increasing in Switzerland firms.
“The SBB and Digitec Galaxus set a good example. They already accept Bitcoin today. Also, the Grand Hotel Dolder announced last week that it would accept payments in Bitcoin. I believe that thousands of companies will follow suit.”
— digitec (@digitec_de) March 19, 2019
The publication house has invested in cryptocurrency and is expecting to replace it for fiat currency at a higher rate. Fabian Pöschl of Netzmedien, said that fiat currencies are very tricky to deal with. He said that why would he carry fiat currency in his wallet when all his money is safe and saved in his mobile in the form of cryptocurrency.
The announcement made by the company stated the following:
“We plan to give them a choice between different cryptocurrencies in the future. So they should soon be able to choose between Bitcoin, Ethereum, Bitcoin, and Jesus Coin.”