Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin
Payments processor Strike has announced the launch of a new feature that will allow users to convert their paychecks to bitcoin. This feature brings workers one step closer to collecting their paychecks in bitcoin. Instead of the employer paying out wages and salaries in BTC, employees can take the paychecks they receive and convert them to cryptocurrency in one easy step.
Receiving Paychecks In Bitcoin
Strike is enabling users to convert all or some of their paychecks into BTC. Instead of cashing into fiat and then having to change back to BTC, users can directly convert to BTC using the paycheck that they receive. The feature is known as “Pay Me in Bitcoin” was announced on Thursday and is one of Strike’s efforts to make BTC readily available to its users.
Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October
Strike is best known for helping El Salvador in their journey to bitcoin adoption, but they are also a bitcoin-focused payments processor that allows users to receive and pay in BTC. And with the new feature, get paid in BTC with no hassles.
Strike completely bypasses the need for employers to adopt and start paying their employees in cryptocurrencies. Instead giving employees the power to decide if they would rather convert their paychecks to fiat currency or cryptocurrencies. This also means that employees are not limited by the payments options their employers use. It doesn’t matter the company individuals work for, they can choose to have their paychecks deposited in bitcoin.
BTC price trading above $ 61,300 | Source: BTCUSD on TradingView.com Following The Lead Of Coinbase
Strike’s announcement of the “Pay Me in Bitcoin” feature comes only a few weeks after Coinbase launched a similar feature. In the announcement post, Coinbase shared that customers were now able to deposit their paychecks directly to cryptocurrencies to ease their trading activities and just like Strike, streamline the process of users converting their money to cryptocurrencies.
The feature has been welcome in the crypto space as investors can now decide to deposit their full paycheck or a portion of it into their cryptocurrency tradings accounts. Customers could also choose to deposit their paychecks directly to U.S. dollars on Coinbase, which they can then use to carry out their trading activities on the platform.
Related Reading | Bitcoin Breaks $ 60,000 Ahead Of SEC ETF Approvals
Similar to Coinbase, Strike announced that the feature will initially be available to users in the United States. Roll-outs for other countries may be in the works but there has been no confirmation of these. Although users can only convert their paycheck to bitcoin on Strike, Coinbase offers users a wider variety as they can convert their paychecks to the over 100 cryptocurrencies currently listed on the exchange.
Featured image from Inc. Magazine, chart from TradingView.com
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Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017
Bitcoin spot reserves continue the recent trend of decline as values now stand at the lowest since October 2017. This shows the supply shock is tightening its grip.
Bitcoin Supply Shock Narrative Grows Further As Spot Reserves Decline To October 2017 Levels
As pointed out by a CryptoQuant post, BTC spot reserves have dropped down to lows not seen since October 2017.
The spot reserves is a Bitcoin indicator that shows the total amount of coins held on wallets of all spot exchanges.
When the value of the metric goes up, it means there is now an increase in the supply of BTC for selling and altcoin purchasing. Such a change can drive the price of the coin down.
On the other hand, the supply of BTC reduces on spot exchanges when the value of the reserve shows a decline. This behavior can be bullish for the coin in the long term.
Related Reading | On-Chain Data Shows Bitcoin Investors Don’t Want To Sell At This Level
Now, here is a chart that shows the trend in the value of the indicator over the last few years:
BTC spot reserves continue to decline | Source: CryptoQuant
The above graph shows some interesting trends in the value of the indicator. First, during the 2017 bull run, the reserve shot up and attained very high values.
Next, these high values sustained as the curve mostly flattened for years except for a stretch around 2019 where the metric saw even higher values before dropping back to the same levels as before around the start of 2020.
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When 2020 hit, however, the trend changed and the BTC spot reserves started dropping off. This continued into 2021, where the values dropped down even faster.
Now, the indicator has reached the same levels as October 2017. That is, the values that were there before the 2017 bull run surged them.
Such a decrease in the reserves could mean there is a supply shock brewing up in Bitcoin. This could end up being bullish for the crypto.
BTC Price
At the time of writing, Bitcoin’s price floats around $ 54.3k, up 15% in the last seven days. Over the past month, the crypto has gained 18% in value.
The below chart shows the trend in the price of the coin over the last three months:
BTC’s price shows a big move up | Source: BTCUSD on TradingView
The coin’s latest sharp move up took it past the $ 55k level for the first time since May of this year. Today, the crypto surged up to as high as $ 55.9k before dropping back down to the current price mark. If the supply shock continues like this, then perhaps it will be beneficial for the crypto’s value in the long term.
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