I would imagine salaries might dip because your new "competition" would be anyone in the same timezone (with the requisite skills). However I'd also imagine, if you are good, the offset would be well in your favour.

I got covid and was (and still am) as sick as hell. I'm going to live (not sure if I will get back to 100% yet), and I never thought this kind of sorely needed decentralization would happen in my lifetime. It almost feels like a fair swap, as this is going to be so, so good for humanity. If we can get a decent handle on covid, I'm actually feeling optimistic for my children, for the first time in years.