Business intelligence firm MicroStrategy has announced that it would now pay non-employee directors in Bitcoin instead of cash.
The disclosure comes barely a week after Sacramento Kings revealed that all employees could opt to receive their salaries in Bitcoin. MicroStrategy said in an official statement:
On April 11, 2021, the Board of Directors (the "Board") of MicroStrategy Incorporated (the "Company") modified the compensation arrangements for non-employee directors. Going forward, non-employee directors will receive all fees for their service on the Company's Board in bitcoin instead of cash.
The firm asserts that the move to pay workers in Bitcoin underscores its commitment to the leading digital asset as a possible store of value. They remarked:
In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.
MicroStrategy’s CEO Michael Saylor has remained a very vocal proponent of Bitcoin. He led his firm to invest in Bitcoin back in August 2020. Since then, the sector has welcomed several other notable institutional players.
Meanwhile, Bitcoin has continued to gain ground as a medium of payment and a store of value. Early last month, Tesla announced that customers could now purchase their cars with Bitcoin.