I still scratch my head at brands and companies who want to compensate influencers with product. It is extremely rare that an influencer, unless they are a new influencer, will accept product in place of money. After all, an influencer is in business to pay the bills. It’s hard to do that with a toaster.
I’m closely monitoring the latest trend – paying influencers with cryptocurrency. Cryptocurrency is the creation of a monetary unit, such as Bitcoin, that is stored in blockchain technology and can be transmitted as funds. With Wall Street’s continued interest in Bitcoin, along with Bitcoin’s recent surge in price to over $10,000, established companies are beginning to get involved. Expedia, Holiday Inn, Overstock and DISH Network have all started to accept Bitcoin as a payment option. While mainstream businesses have begun to adopt this new form of currency, there remains considerable skepticism on the dependability of cryptocurrencies.