Bitcoin, NFTs and crypto exchange employees might earn more than $1 million per year

More On: Bitcoin

President Joe Biden has directed federal agencies in the United States to oversee cryptocurrencies and other digital assets such as NFTs.

Regulation of this rapidly expanding industry, according to Biden, has become a "matter of national security." This decision comes at an interesting time, as the crypto market is undergoing a period of turmoil, with investors losing significant amounts of money.

Investigations, audits, and exams by regulatory agencies such as the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Internal Revenue Service, and FINRA are likely to be coordinated. They'll also look at whether or not tokens should be classified as securities and registered as such.

According to an analysis by the professional social network Blind, the probability of regulation and the "recent drop in the value of bitcoin and other cryptocurrencies has not yet altered the generous overall remuneration packages offered by cryptocurrency enterprises."

At cryptocurrency exchanges, the pay is extremely competitive. They also frequently provide remote work opportunities and other enticing perks. Employees at bitcoin and cryptocurrency exchanges typically receive stocks, stock options, and restricted stock units as part of their total remuneration packages, which could result in future windfalls if the company performs well.

Here's what people say they make working in the cryptocurrency field at a big exchange, according to self-reported salary data on Blind. These are the phone numbers for engineers. Other professions, managers, and executives may see their pay rise even more:

Software engineers and technologists have reported job offers as high as $900,000 a year. The nearly $1 million pay package for a senior-staff software engineer includes stock-based compensation of $450,000 a year, plus cash bonuses that range from 5% to 15% of an employee’s base salary. These professionals can easily command total compensation packages earning more than $1.5 million.
An infrastructure engineer may earn $672,550 a year, broken down by a base salary of $237,000 and a cash bonus of around $35,550, along with stock-based compensation potentially worth $400,000.
$464,500 a year for a senior staff software engineer who said they could earn a base salary of $230,000, cash bonus ranging up to $34,500 and stock-based pay of about $200,000.
Another senior software engineer, deciding whether or not to stay at the current company or move to a digital asset firm, contemplated an offer of $401,600 a year—comprised of a $206,000 base salary, cash bonus of $206,000 and cash bonus of $20,600, followed up with a stock-based pay of $175,000.
Asking advice from the members of the verified anonymous platform, a job hunter asked about the fairness of a possible offer of $362,000 a year for a senior protocol engineer role. The person wanted to get a sense if the total package—including restricted stock units, with a base salary of $170,000, cash bonus of $17,000 and stock-based pay of $175,000—was reasonable.

Talent for bitcon, digital assets, NFTs, and related platforms is in high demand. In the United States, a search for "crypto" on LinkedIn's employment site gets 15,433 results. There were 4,656 "bitcoin" job listings and 6,381 "NFTs" job listings. Unfortunately, most of the job advertisements on the site do not include compensation information.

Companies are giving better compensation, sign-on incentives, remote, hybrid, and flexible workstyles, one-on-one coaching, and free college tuition in an effort to attract and recruit talent. Some businesses are investigating another perk to entice individuals to work for them: accepting bitcoin and other cryptocurrencies as payment.

We watched digital assets go stratospheric in 2021. The slew of new crypto initiatives and the asset class's meteoric growth in value drew the attention of the United States and the rest of the world. To some, buying digital assets was seen as a way to protect themselves from the depreciation of the US dollar as a result of rising inflation and dubious practices by the federal government and the Federal Reserve Bank. Others, particularly young individuals, saw cryptocurrency as a YOLO (you-only-live-once) investment that could swiftly make them wealthy.

With enormous college tuition debt payments, extravagant apartment and housing costs, and an alarming inflation rate, digital assets appeared to be the only way to get ahead financially.

If you are paid in US dollars, the value of your paycheck diminishes as inflation rises. The Bureau of Labor Statistics recently released data that shows rising costs. In September 2021, the consumer price index increased by 5.4 percent. The rate of growth was so rapid that the US government announced a roughly 6% cost-of-living boost for Social Security recipients. This was the most significant increase in four decades. Inflation has increased by 7%.

We're starting to notice a shift in payment patterns. Miami Mayor Francis Suarez has stated that he would accept a wage "100% in Bitcoin" and that cryptocurrencies will be made available to government employees as well. New York City Mayor Eric Adams has also stated that he is considering paying people in bitcoin and other digital assets, and that he will accept his first three paychecks in bitcoin. According to Bloomberg, "Russell Okung, Odell Beckham Jr., and Aaron Rodgers have all stated that they will be compensated, at least in part, in cryptocurrency."

If you take a crypto wage, you must have a strong stomach and be willing to experience both strong gains and terrifying price drops. The use of cryptocurrencies for payment is not without danger. There is a lot of turbulence in this market.

The price of bitcoin peaked at $67,000 in 2021, then plummeted to under $30,000 before rebounding. On December 1, Ethereum reached new highs of over $4,800, only to drop to roughly $3,600 to $3,900. You will owe taxes based on the higher value you were paid in bitcoin, ethereum, or other coins at a high point and then the price cratered.

Payment in Bitcoin may be an exciting new approach to boost your wealth for those that fervently believe in the future of crypto, are open to volatility and risk, and have a long-term time horizon.

It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup
— Odell Beckham Jr (@obj) November 22, 2021

Beckham agreed to a one-year contract worth $750,000 in base salary and $4.25 million in bonuses. According to the NFL wide receiver, he is receiving his entire paycheck in bitcoin. According to MarketWatch, he apparently turned a $750,000 paycheck into bitcoin and may have lost the equivalent of nearly $350,000. While bitcoin's price has subsequently risen significantly, it has not fully recovered and remains extremely volatile.

It's possible that bitcoin will rise in value, causing his next cheque to be significantly higher. Beckham could most likely afford the erratic fluctuations. Others see it as a warning story about the vagaries of cryptocurrencies and the risks of turning your cash salary into highly volatile and mostly unregulated digital assets.

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