Swiss-based media giant Netzmedien AG has made the bold decision to embrace the highly volatile cryptocurrency Bitcoin as the mode of payment for wages and other expenses. Following a Monday, April 1st announcement, the publishing house will now be paying its employees in the flagship cryptocurrency Bitcoin. Evidently, the media house gave the employees a choice between Fiat (Swiss Franc) and Bitcoin and the cryptocurrency won unanimously.
There was no opposition from any employee on the decision. In addition, the company is in the process of converting most of its assets into cryptocurrency. In the future, the company plans to include more option outside Bitcoin including Ethereum, BitCoen and Jesus Coin.
According to the CEO of Netzmedien AG Heinrich Meyer, the publishing house is planning on accepting Bitcoin as payment across its range of products and services including its technology-focused magazines and website. In the CEO’s opinion, he seems bullish about the cryptocurrency space and believes that his employees will end up receiving more in wages than what they are paid if they opt to hold on to their wages in form of digital assets. “They will be able to hold or resell bitcoins at a higher price,” he said.
The editor-in-chief of the publication Marc Landis stated that the decision to embrace Bitcoin was more so influenced by some leading Swiss companies accepting the cryptocurrency as well. His opinion is that soon, several other companies will be following suit and this makes it a good time to join the bandwagon.
“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,” he said.
It seems that Netzmedien AG is making a speculative investment bet trying to acquire cryptocurrency at the current rates expecting that the digital assets will appreciate in value in the future. Typically, most businesses that have enabled support for Bitcoin and other cryptocurrencies have employed the services of automatic crypto-to-fiat converters such as BitPay’s services to avoid receiving the payments in crypto and instead only get paid in fiat.
This move is made to avoid the volatility of cryptocurrency while accepting the payments in crypto. Once Netzmedien AG starts accepting cryptocurrency, it will not be utilizing currency converters but instead will accept the digital assets as payments and hold the assets for future payoff.