State nonprofit offers tech workers thousands in bitcoin to relocate
Bitcoin is currently trading at around $42,566
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A nonprofit organization in Arkansas is offering remote employees $10,000 in bitcoin to relocate to the state. Thousands have already applied.
The Northwest Arkansas Council is offering the money as part of the NWA Council's "Life Works Here" campaign, which is funded by the Walton Family Foundation.
"We announced our Life Works Here incentive program in November 2020 that offers $10,000 and a bike to STEAM professionals interested in moving to Northwest Arkansas," council communications director Nate Green told FOX Business. "On Wednesday, we announced a new spin on the program. Participants can now choose to get the $10,000 in Bitcoin. This move was designed to attract more participants in blockchain technologies to help build up the region’s tech economy," Green said.
Bitcoin, which is the most valuable cryptocurrency, sweetens the incentive as it is currently trading at around $42,566, according to Coin Metrics.
"Northwest Arkansas is experiencing explosive growth in the tech sector, specifically within blockchain-enabled technologies, and this incentive embraces the growing trend of cryptocurrency as a payment option by employers," the council's website says.
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Bitcoin was trading 2.4% higher on Monday morning at around $62,130. (iStock)
Applicants who wish to be eligible have to live outside of Arkansas, be at least 24 years old, and have at least two years of work experience. They must also be willing to move to northwest Arkansas within six months of being accepted into the program and either sign a one-year lease or buy a home in the area.
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Michael Sapir, CEO of ProShares, rings the opening bell celebrating ProShares Bitcoin Strategy ETF trading as BITO on the NYSE Arca, at the New York Stock Exchange (NYSE) in New York City, October 19, 2021. (REUTERS/Brendan McDermid)
The program is proving to be popular according to Green.
"Since we announced, over 36,000 people applied. To date, 50 people have moved to Northwest Arkansas as part of the program," Green told FOX.
"Since our latest announcement on Wednesday, over 3,800 more people have applied," Green continued. Applicants are coming from all over the country and internationally.
"In the new batch of applications, we are seeing the most applicants come out of California, Texas and Florida. We have also seen applications from 60 countries (with the most coming from Canada)."