There are many reasons to get paid in bitcoin. Here, a few of our business partners share why they chose this method of payment.
Bitcoin Well is striving to make bitcoin accessible to everyone – and that includes our valued business partners. When it comes to paying our consultants and service companies, we offer everyone the opportunity to get paid in bitcoin or in dollars. Many of them choose bitcoin.
Of course, we think that’s a smart move.
Whether you’re a sole proprietor or a company, holding bitcoin makes good cents (see what we did there?). Rather than tell you our reasons why, we’ll let our business partners who are accepting payment in bitcoin speak for themselves:
1. Bitcoin diversifies your assets
Forward-thinking business people know that cash does a poor job of storing — let alone building — value. Receiving bitcoin as payment, then, is a simple way to diversify financial assets.
“Partnering with Bitcoin Well to incorporate bitcoin into 5Q’s financial strategy has allowed us to further diversify our assets and revenue stream, provide a hedge to inflation and, most importantly, align our company with the underlying principles behind bitcoin which we strongly support,” says Cindy Gray, CEO of 5 Quarters Investor Relations, Inc.
Diversification is a key attraction for many of our partners.
“Getting paid in bitcoin is my first experience with a digital currency,” says Michelle McIvor, founder of Word Boutique. “Acquiring bitcoin and holding onto it for the long term adds a whole new dimension to my savings.”
Ryan Jespersen, host of the Real Talk podcast and president of Relay Communications Group, agrees – and he believes bitcoin is an asset with longevity.
“I value the thinking around diversifying assets and planning for the future. It’s important personally and professionally,” Jespersen says. “While bitcoin (and any cryptocurrency, in general) may not be a ‘guarantee’, what is? There are too many case studies and so many valid arguments from around the world for bitcoin to be written off as a fad.”
2. Bitcoin boosts your bottom line
Koleya Karringten, co-founder and board member of the Canadian Blockchain Consortium, is happy to accept bitcoin as payment from a few companies, including Bitcoin Well.
After all, her work involves teaching, promoting and advocating for bitcoin and the blockchain space. But her main motivation for accepting bitcoin is clear: “If you’re able to hold bitcoin on your balance sheet, it will only increase and grow in value.”
Karringten’s views are in good company. Major companies around the world, including MicroStrategy, Square and Tesla, are replacing cash with bitcoin on their balance sheets. They’ve seen firsthand how bitcoin generates greater returns than fiat currencies, which are devalued every time governments print more money. (In case you missed it, our Chief Revenue Officer, Dave Bradley, made a case for the Government of Alberta to follow those companies’ leads and add bitcoin to its balance sheet!)
As Karringten says of bitcoin’s ability to boost a company’s revenue, “it’s a great opportunity for businesses to diversify their assets and be apart of the soundest money the world has ever seen.”
3. Bitcoin broadens your outlook
Many of our business partners want to learn more about bitcoin. Opting to get paid in the world’s leading digital currency is an excellent way to build that knowledge.
“When the opportunity arose to receive payment of our audit fee in bitcoin, it took us conservative accountants a few minutes to wrap our heads around it,” says Justin Rousseau of KRP, Bitcoin Well’s auditing firm. “I am extremely glad we did it. Not only have we had to look at cryptocurrencies from a different perspective – as a store of value as opposed to simply transactional-based – but we were able to get a hands-on customer experience with Bitcoin Well and get a true understanding of acquiring and holding cryptocurrency.”
Now, says Rousseau, he checks the bitcoin market frequently, is more attuned to the industry as a whole, and is able to cut through the noise (looking at you, Elon Musk headlines) to focus on bitcoin’s underlying fundamentals. He’s even made bitcoin purchases to add to his personal holdings.
“The experience of watching and learning more about cryptocurrencies has been great and working with Bitcoin Well throughout this process has made things easy and possible.”
Thank you to our business partners for sharing your thoughts! We’re thrilled to see the corporate adoption of bitcoin.
Together, we’re hoping to make bitcoin more accessible to everyone, from our colleagues and customers to companies around the world.