Arkansas Offers Remote Workers $10,000 In Bitcoin To Move There

January 17, 2022 10:11 pm Comments

The Northwest Arkansas Council is now offering $10,000 worth of Bitcoin to remote tech workers to move to the Arkansas region.

The council states that they are offering Bitcoin specifically because the region is experiencing a lot of growth in the cryptocurrency space and offering Bitcoin as an incentive would be effective in convincing more tech talent to move to the region.

In order to be eligible for the program, applicants need to move to Arkansas within six months of acceptance into the program and then either buy a home there or sign a 1-year lease.

CNBC reports:

The incentive is part of the NWA Council’s “Life Works Here” campaign, which is funded by the Walton Family Foundation.

When it first launched in 2020, the NWA Council initially offered $10,000 cash as an incentive program.

It recently decided to add the option for remote workers to accept the amount in bitcoin instead, although they can still choose cash if they prefer.

“While we’ve had overwhelming interest in the initial incentive program, we’re continuing to seek out unique and in-demand talent in the STEAM and blockchain professions,” the website says.

The council is also aiming to target specific tech professionals that can bring value to the community and have added additional criteria that they look for when accepting people into the program.

Examples of criteria they have laid out include having at least two years worth of work experience and being at least 24 years old.

As of now, over 35000 people have already applied from regions all across the United States.

This type of program has become more and more common as incentivizing migration has been an effective strategy for small cities looking to lure professional talent to become residents.

These types of programs will typically use funding from non-profit organizations or public dollars which is similar to how cities will provide tax breaks to large corporations in order for them to relocate offices to the city.

This recent plan is part of Arkansas’s initiative to find a way to revitalize its economy and take part of emerging technology growth in the middle of a pandemic where many tech workers find themselves location independent due to working from home.

The program goes into more specific detail on how they ae securing Bitcoin to pay those who migrate to the region and the reasoning behind it.

Bloomberg explains:

By offering Bitcoin in lieu of fiat currency, the council is trying to position the region as a crypto hub, building off the 2018 launch of the University of Arkansas’ Blockchain Center of Excellence, which researches the emerging field.

Gimmicky as the giveaway seems (people will be allowed to opt for cash instead), and ill-timed as it may be — the currency has dropped steadily in value since its last peak in November — Peacock says the offer is targeted at “people that are interested in and have expertise” in the crypto space.

More professionals, from NBA players to the mayor of Miami, are asking to get paid in cryptocurrency.

And the region joins bigger cities like Miami and New York that are advertising their crypto ambitions.

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