Three-time NBA champion Andre Iguodala becomes the latest athlete to accept cryptocurrency wages

Iguodala said he will also give out $1 million worth of BTC to fans to increase Bitcoin adoption.

On Monday afternoon, three-time NBA champion Andre Iguodala, a professional basketball player for the Golden State Warriors, announced on Twitter that he would receive what he estimated to be in Bitcoin. Part of the $2.647 million annual salary. In addition, Iguodala also stated that he will give out $1 million worth of BTC to fans to increase Bitcoin adoption. Payments will allegedly be facilitated by Block (formerly Square)'s Cash App.

Iguodala joins a growing list of celebrities, athletes, influencers and government officials who are doing the same. At least seven NFL players currently choose cryptocurrency over cash wages. Last year, Miami Mayor Francis Suarez and New York Mayor Eric Adams said they would pay their salaries in Bitcoin, while Suarez went a step further and invested his 401(k) retirement savings in Bitcoin.

Paying wages in bitcoin or other cryptocurrencies could potentially benefit both employers and employees. First, companies with large international employees will not need employees' private banking information or make costly, slow-turnaround wire transfers. In addition, it saves employees the trouble of transferring fiat currency to a cryptocurrency exchange for investment, as they can exchange the digital currency they receive for their desired cryptocurrency at any time. Volatility issues are also easy to fix. Employees who are skeptical or bearish about the recent trend of cryptocurrencies can simply exchange their cryptocurrencies for stablecoins as soon as they receive their salary through a wallet or exchange.