Bitcoin offered to draw in talent to Northwest Arkansas

Council in state’s NW targets tech

The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H., in this Feb. 9, 2021, file photo. (AP/Charles Krupa)
The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H., in this Feb. 9, 2021, file photo. (AP/Charles Krupa)


The Northwest Arkansas Council, with support from the Walton Family Foundation, has been offering $10,000 and a free bike to technology professionals, entrepreneurs and creatives looking to relocate to the region.

As an extension of the deal, the council on Wednesday said it will begin offering the money in the form of bitcoin to help attract people with expertise in blockchain-related technologies, making Northwest Arkansas one of the first regions to offer cryptocurrency to potential transplants.

This is the latest addition to the Northwest Arkansas Council's "Life Works Here" initiative, focused on attracting professionals in the science, technology, engineering, arts and math fields to the region.

"The purpose of the program is to demonstrate to people across the world that you can have a great job and work experience and quality of life," said Nelson Peacock, the council's president and chief executive officer.

As people began working from home during the coronavirus pandemic, many decided to move from larger cities to smaller cities and rural parts of the country. The Northwest Arkansas Council noted the trend and committed $1 million in 2020 to entice talented workers to the region, including coders, engineers, artists and chefs.

The original offer, $10,000 in cash and a complimentary road or mountain bike, created a buzz when it was announced. The council has since received more than 35,000 applications from people in more than 115 countries and 50 states who are interested in relocating to Northwest Arkansas.

With the latest option to get the money in bitcoin, a form of cryptocurrency or digital money that has surged in value and popularity over the years, Peacock said he hopes to attract a different caliber of talent to the area that has a background or interest in blockchain technology. Applicants can choose cash or cryptocurrency.

"Cryptocurrency has become way more mainstream than it was," Peacock said.

Five years ago, a bitcoin token was valued at $925. Today it is valued at more than $43,000.

In addition to the money, recipients also get a mountain or road bicycle, or alternatively, can choose an annual membership to one of the arts centers in the area, including Crystal Bridges Museum of American Art, the Momentary, TheatreSquared and the Walton Arts Center.

People can apply for the offers at Findingnwa.com/incentive. The applications are being reviewed by the Northwest Arkansas Council with support from The Center for Blockchain Excellence at the University of Arkansas, Fayetteville.

In addition to meeting job and skill requirements, Peacock said he wants to make sure the money is going to people who really want to be in the area.

"The last thing we want to do is give someone an incentive, have them not like it here and leave in a year," he said. "So far we have worked really hard to get everyone connected and have been very successful."

Peacock said about 75 applicants have received their awards so far, with about 50 "on the ground."

"Turns out it takes a while to move and get out of your lease," he said. "As we've awarded applicants, some could move more immediately than others."

He said the recipients are pretty evenly split between men and women and most of them have spouses or families that are moving to Northwest Arkansas.


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