Bitcoin Daily: BitWage Debuts New Bitcoin Payroll Functions; Bitcoin Millionaires See Double-Digit Percentage Drop In Numbers; Bitcoin Price Falls Illustrate Coin’s Weaknesses, Analysts Say

BitWage, which makes bitcoin payroll services, has debuted a new platform to help people get paid in bitcoin, a report says.

The bitcoin payroll services will look and feel different for companies versus for individuals on the new platform. The changes for companies will include making it easier to invite employees and check onboarding status, and individuals will have a new dashboard and an easier way to utilize crypto payroll distributions.

“BitWage’s team of engineers worked for over a year to launch an entirely new platform for all users with a host of new features,” BitWage said in a statement sent to Bitcoin Magazine. “They expect that these features will make the Bitwage experience more convenient for those who believe in leveraging their salaries into bitcoin and cryptocurrencies.”

Meanwhile, bitcoin millionaires are seeing their numbers cut down, Finbold reports.

The report says this is because of the surging volatility of the digital coins and the drop in the value of the crypto market over the last several months.

Finbold data says that, as of Jan. 26, addresses with bitcoin balances of over $1 million were at 87,953. Around 7,008 of them have about $10 million, but the other 80,945 have $1 million each.

But the number has decreased from 116,139 who were declared bitcoin millionaires in Oct. 2021. The number has reportedly declined by 24% since then.

Read more: Crypto Winter II: When, How Cold, How Long

Finally, Bloomberg wrote that rising inflation has proved bitcoin’s weakness of uncertainty.

The uncertainty comes as the inflation hasn’t cooled yet – and bitcoin had previously been advertised as a hedge against rising prices.

The report says bitcoin’s recent price drops have proven that it’s sensitive to broader market sentiments. If it’s a hedge as was claimed, the report posits that it should “act like gold,” which usually tracks steadily among market turbulence, according to Lindsey Bell, chief markets strategist at Ally Financial Inc.