NFL star's massive tax bill highlights problems with BTC salaries
Odell Beckham’s reported BTC salary tax debacle may provide a dire warning for anyone looking to get paid in crypto. NFL Star Odell Beckham Jr's (OBJ) decision to take his $750,000 salary in Bitcoin appears to have cost him dearly due to the market crash after he signed the deal. Owing to the vagaries of cryptocurrency tax laws and current prices, OBJ is estimated by some to have made 61% less than if he’d taken his salary in fiat. The loss has highlighted the tax complications from receiving a salary or yield in cryptocurrency as crypto investors have to pay tax on the amount it's worth....
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A bill has been introduced in Argentina to allow workers to receive their salaries in cryptocurrency. He explained the idea is that workers “can strengthen their autonomy and conserve the purchasing power of their remuneration.” Argentina’s national deputy for the Mendoza province, José Luis Ramón, tweeted that he has introduced a bill allowing workers to get paid in bitcoin. He wrote, as translated by Google: I presented a bill so that independent workers … have the option of receiving their full or partial salary in cryptocurrencies. He added:....
A new bill by proposed by two New Jersey assemblymen could mean tax and regulatory breaks for digital currency companies operating in the state. According to The Star-Ledger, the bill would lessen burdens for cryptocurrency companies in an attempt to incentivize job creation in the state. Proposed by Assemblyman Rai Mukherji (D-Hudson) and Assemblyman Gordon Johnson (D-Bergen), the 30-page bill would create a regulatory framework for digital currency companies to operate within as well. The bill comes two months after New Jersey's Assembly Financial Institutions and Insurance committee....
Several months after becoming one of the first Poland-based businesses to accept payments in bitcoins, web developer and design company EL Passion made the news again when it offered its employees the chance to receive their salaries either partly or entirely in bitcoins. The EL Passion website states that: "After much interest in the company about bitcoin and crypto-currencies in general, we've decided to provide our employees with the choice of having their salaries paid in bitcoin. This makes EL Passion the first company in Poland to pay salaries in bitcoin. "Open source is a big part....
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekAnalysts say Bitcoins bounce at $36K means ‘its time to start thinking about a bottom’ Bitcoin had a turbulent week, its price dropping as low as $33,300 and surging as high as $38,000 before retracting back to the $36,000 region at the time of writing.Many analysts have attributed the uninspiring performance of....
The State of Hiring Report 2021 shows a 10% month-over-month increase in people who want their salary in crypto. Apart from high-profile athletes and politicians who are taking salaries in crypto, a study shows that the number of ordinary people who take some of their salaries in crypto has increased globally.Tracking trends that occurred in 2021, global hiring firm Deel published a report that noted a 10% month-over-month increase in people who want to be paid in crypto since November 2020. The data, pulled from over 100,000 contracts in over 150 countries, shows that Latin America....