Sequoia Software company will pay employees in crypto

Software development and engineering company Sequoia Holding LLC has announced that its employees can now receive part of their salary in cryptocurrencies.

Salary in BTC – growing interest in cryptocurrency

The fintech company announced it was launching a new program that will allow employees to set aside a portion of their salary in Bitcoin, Ethereum or Bitcoin Cash.

Richard Stroup Jr., CEO and co-founder of Sequoia, said:

“We are pleased to offer our team members this new advantage. Many of our employees are enthusiastic supporters of cryptocurrency, and we are excited to help them gain access to this trillion-dollar asset class.

We are proud to give our team members the opportunity to easily invest in cryptocurrency and increase their savings. Crypto has become an important alternative to traditional investments such as stocks and bonds.”

Sequoia intends to form a partnership with third-party payroll processing startups to withhold taxes and convert the remainder of the payroll into crypto assets that will be stored in a digital wallet managed by the payment firm.

Sequoia cited a recent example demonstrated by Russell Okung, an American football offensive lineman for The Carolina Panthers of the National Football League, who became the first football player to receive a portion of his salary in BTC. This is a similar approach that Sequoia employees intend to apply.

Peter Schiff Criticizes Sequoia Capital Employee Plans

Well-known gold supporter and Bitcoin critic Peter Schiff criticized the decision of Sequoia Holding LLC, which announced that it will start paying its employees wages in Bitcoin. Peter Schiff criticized the scheme, calling it an attempt to “attract the attention of buyers” amid the ongoing decline of the cryptocurrency.

Yes, Bitcoin is experiencing a huge price pullback today, which suggests that the bullish growth it has maintained since late last year is coming to an end. At the time of this writing, BTC is trading at around $ 31,579, representing a 10.79% drop over the past 24 hours and a total loss of 19.63% over a seven-day period, according to CoinMarketRate. The bearish downtrend of the cryptocurrency was reflected in the entire cryptocurrency market. Currently, the market capitalization of the sector has again fallen below $ 1 trillion.

Gold bull Peter Schiff has always blamed Bitcoin, saying it is a Ponzi scheme which frequent price spikes form an unsustainable bubble. As a comment on Sequoia’s plans, Schiff tweeted:

“They don’t pay their employees in crypto, and they won’t. It’s just hype to falsely portray Bitcoin as money, and attract more buyers. Sequoia offers to buy Bitcoins for its employees using a portion of their dollar salary, instead of having employees buy them themselves.”

While the source of Schiff’s claims remains unclear, his position confirms his old claims that the BTC needs more new buyers to remain valuable at its core.

How sharply will the BTC drop?

The volatility associated with cryptocurrencies makes the continued decline of the MTC unsurprising. According to an earlier Blockchain report.Analysts, including Carl Martin, weighing in on the current trend, said Bitcoin is experiencing weakness in the short term.

The bull run in December 2017, when Bitcoin broke its first significant historical high, exceeding $ 19,000, was accompanied by a large-scale correction, which in the following months lowered the price to $ 5,000. Given the ongoing decline, general speculation among analysts seems to indicate that BTC will fall to almost $ 20,000 in the short term. This is a normal correction of the value of a crypto asset, with such a sharp price drop.