It is the first ever case in the history of listed companies of United States to pay salaries in BTC.
As Per a company announcement, the Board of Directors of MicroStrategy 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 official announcement said:
“Microstrategy recognize Bitcoin as a payment tool and show its commitment to Bitcoin, taking into account Bitcoin’s strong and open-source structure and ability as a store of value.”
For payments, the company said it will use a payment processor to convert US dollar into BTC and then deposit Bitcoin directly into the Non employee Directors digital wallet. However, the document does not specify which payment processor will be used.
— Michael Saylor (@michael_saylor) April 12, 2021
MicroStrategy CEO Saylor is a strong supporter of Bitcoin as the company holds a total of 91,579 BTC as a financial asset, including last week’s buyout of BTC worth 15 Million USD. MicroStrategy BTC holding is far more than the BTC holdings of companies such as Tesla and Square.