Swiss Publishing House plans to abandon fiat money for cryptocurrency

Netzmedien AG, a Switzerland-based publishing house, announced that it is willing to dump fiat currency for cryptocurrency in Bitcoin. The media house had plans, earlier, to convert half of its assets into cryptocurrencies. The top executives in the company also offered their employees a choice to accept salaries in either Bitcoin or Swiss Francs. When the coins went to the polls, Bitcoin emerged as the winner.

The CEO of Netzmedien, Heinrich Meyer, said that the media publication – which includes eight tech-related magazines and a full-fledged website – would start accepting Bitcoin by mid-2019. His attitude is bullish towards cryptocurrencies, further stating that his employees would end up with more than what they asked for in their payrolls.

“They will be able to hold or resell bitcoins at a higher price,” said Meyer.

The volatile fluctuations of the crypto-market haven’t deterred Netzmedien. The publication’s editor-in-chief, Marc Landis said that Bitcoin is becoming a relevant mode of payment thanks to its acceptance at some of the biggest firms in Switzerland.

“The SBB and Digitec Galaxus set a good example. They already accept Bitcoin today. Also, the Grand Hotel Dolder announced last week that it would accept payments in Bitcoin. I believe that thousands of companies will follow suit.”

Netzmedien is seemingly entering the Bitcoin market as a speculator. It seems like the firm is holding the cryptocurrency as investments with the expectation that it would be able to exchange it back for fiat currency at a higher flat-rate.

Online merchants typically believe in converting Bitcoin payments to fiat-currency in real-time through third-party POS services like BitPay and Coinify. Netzmedien, however, is looking to take risks with the Bitcoin price volatility.

The publishing house has plans to diversify its crypto-investment portfolio, which means that employees will be able to pick their preferred crypto-asset while accepting wages.

Their announcement read, “We plan to give them the choice between different cryptocurrencies in the future. So they should soon be able to choose between Bitcoin, Ethereum, BitCoen, and Jesus Coin.”

Switzerland has been stated as being the most ‘blockchain-friendly’ country in the EU.

Exchanges are thriving in the EU nation, with some of the biggest banks leveraging the power of blockchain.

Hypi Lenzburg recently partnered with TokenSuisse to expand the bank’s offerings for crypto and blockchain-based firms.

The Swiss city of Zug is known as ‘Crypto Valley’, which has been ranked as the fastest growing tech community in Europe.

This article was originally sourced from NewBTC.

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