Bitcoin’s Latest Plunge Highlights the Danger of a Crypto Salary

When was the last time your entire paycheck shrank by more than 20%?

If you are being paid in Bitcoin, the answer was Saturday, when the token fell as much as 21% in a matter of hours. While it has recovered ground, Bitcoin is still down more than 25% from the record high it reached about a month ago. That rapid plunge highlights just one peril of a nascent trend that’s being hyped up by politicians and celebrities — being paid in digital currencies.

With major U.S. cities competing for investments in the fast-growing blockchain industry, their leaders are increasingly trying to ...