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NFL player, Russell Okung, recently made the decision to take half his salary in Bitcoin. The decision has not only protected him from future inflationary risk but increased his total compensation as the price of Bitcoin has soared. More companies may be obliged to follow suit if employees demand it. BITCOIN HAS DEMOGRAPHIC SUPPORT It’s no secret younger people feel very differently about many things than their parents. Russell Okung, age 32, is increasingly typical for his generation... graduating from college in the aftermath of the Financial Crisis and experiencing his formative years in a political crisis of confidence in our democratic institutions. Bitcoin resonates with this group of people (incidentally the largest generation ever) that has felt the system tilted against them. In the U.S., for example, young people view Bitcoin more favorably than their parents. Gen Z and Millennials are growing into the largest cohort of consumers and spenders, and soon will inherit trillions from their baby bomber parents in the largest wealth transfer in human history. They will invest and spend as their conscience dictates. In a recent research note to clients, JPMorgan Chase touted Bitcoin as millennials’ preferred store of value investment over gold. Somewhat ironically, legacy payment companies, such as PayPal and Visa, will help turbocharge the adoption of Bitcoin as a medium of exchange.
BITCOIN HAS BEEN ADOPTED BY GLOBAL PAYMENTS COMPANIES
Somewhat ironically, legacy payment companies, such as PayPal and Visa, will help turbocharge the adoption of Bitcoin as a medium of exchange. These companies have succeeded by embracing technology, capitalizing for decades on the steady migration of payments to online and offering innovative and convenient services to customers and merchants alike. Unsurprisingly, they see that Bitcoin and other digital assets will be foundational to the future of their businesses. It may not be obvious given these companies’ recent robust growth, but they along with all other legacy financial firms are standing on a burning platform, where the risk of staying put is greater than the risk of jumping off. The smart firms have already built a life raft to the future by embracing Bitcoin. For example, PayPal has enabled Bitcoin purchasing for its more than 300 million users and for its more than 25 million merchants. Visa recently announced it would work with existing cryptocurrency companies to “enable users to purchase these currencies using their Visa credentials or to cash out onto a Visa credential to make a fiat purchase at any of the 70 million merchants where Visa’s accepted globally.” Peer-to-peer Bitcoin payments will always be possible for those who want to stay off these corporate rails. But for the majority of users, these companies are building a superhighway to the future with Bitcoin in the fast lane.
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American Consequences
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