Bitcoin is steadily gaining ground in the music industry as Prescription Songs, a popular music company, has recently announced that its songwriters and music producers can now choose to receive their royalty payments in Bitcoin (BTC).
Prescription Songs partnered with BitPay, a U.S.-based bitcoin service provider, to assist them in making payments to their members.
Expressing how he felt regarding this partnership, Lukasz Gottwald, founder of Prescription Songs, said:
BitPay is such a powerhouse in Bitcoin. I’m excited to work with them.
Sonny Singh, chief commercial officer of BitPay, also showed his support for this recent development by commending Prescription Songs for their decision to integrate crypto as a payment option. He further expressed his desire to see the remaining part of the music industry get involved in Bitcoin, saying:
Using Bitcoin is only the first step for the music industry to start working in the blockchain space as more and more artists start leveraging the blockchain for NFTs (Non-Fungible Tokens)…
Gottwald also mentioned something about getting “ahead of the pack” which seems to be very true since Prescription Songs is the first and so far the only music company to take this bold step.
Prescription Songs’ announcement comes at a time when many in the music industry are having more interest in cryptocurrencies, especially bitcoin.
According to sources, Gottwald mentioned that some members of the company requested to be paid in bitcoin so he decided to “provide that service” to them.
More music artists are beginning to see how valuable bitcoin has become. Recently, Coinfomania reported that three popular music artists Lil Wayne, Jack Dorsey, and Jay Z donated $23.7 million worth of bitcoin to the development of the Bitcoin community.
But the soaring interest that people have in bitcoin is not just centered on the music industry, it cuts across several axes. About three months ago, Zermatt, a town in Switzerland began allowing its residents to pay their taxes with bitcoin.
ICRYPEX, a cryptocurrency exchange also recently sponsored one of the biggest basketball teams in Turkey with bitcoin.
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