Cryptocurrency And Trucking: The Industry Turns Its Eyes Towards Crypto Payments

It appears highly likely at some point in the coming decades that new truck drivers will be asked if they would like to receive their salary in the form of Bitcoin and other popular cryptocurrencies. In fact, it is believed that this may already be happening with some cutting-edge carriers. Additionally, expectations are that even some freight brokers may ask owner-operators and motor carriers to pay with cryptocurrencies. The trucking industry has always been ahead of the curve as far as technology goes, and it seems that it may also be one of the early adopters of cryptocurrencies for use throughout the various chains that link the industry together.

Inflation Concerns Make Cryptocurrencies More Appealing

The trucking industry has always operated on tight margins, and operators within the industry have always sought ways to add safety and security to their profit margins. Unfortunately, inflation concerns are mounting as borrowing by the United States government has increased significantly in response to the COVID-19 pandemic. reported on this concerning trend:

Inflation concerns are mounting with the U.S. Treasury having borrowed more than $5.7 trillion in the past year to pay for COVID spending bills spearheaded by the Trump and Biden administrations.

This means that some trucking industry participants simply do not see the value of the US dollar as something that they can reasonably rely on going forward. They fear that the fuse has been lit, and the potential for hyper-inflation could wipe out their ability to generate consistent and reliable profits into the future. Cryptocurrencies may be the safe-haven that they turn to in this turmoil.

Instant Payments With Speculative Value

Some employees of the trucking industry also view cryptocurrencies as the ideal form of payment for their services. After all, they understand that cryptocurrencies can be paid to them much more instantaneously than the US dollars they receive in their bank accounts. It makes payday much more flexible as they can strike deals with their employers to literally be paid upon completion of a load instead of waiting for their employer to get around to paying them.

Finally, some appreciate the fact that cryptocurrencies such as Bitcoin have a speculative element to them as well. The value of Bitcoin and other cryptocurrencies has soared in recent years, and this means that those who squirreled away their cryptocurrencies may now be sitting on something much more valuable than it was even a few years ago. Many truck drivers see this as an opportunity to potentially receive an outsized paycheck compared to what they were expecting to get. That would be a win-win for the driver and his or her employer.

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