While today, the majority of crypto transactions arise from investors mining them and buying them, it is likely that in the future, salaries and wages will be paid in cryptocurrency at least to a certain extent.
This is likely to begin with blockchain and tech companies first, as these are the firms that have a direct and better understanding of the world of cryptocurrency. However, the argument for even a wider adoption is that if you receive your wage or salary in cryptocurrency, you have more control on what happens to it. It’s difficult for it to hit the mainstream market until taxation regulations surrounding it are sorted it.
A recent study done by Sage on 1000 participants shows that 31% of them would be happy to receive their pay in crypto. 37% of that 31% said that they would be happy to receive as much as 20% of their wage in cryptocurrency. 11% said that they would be happy to receive up to 80% of their pay in cryptocurrency and 15% agreed that they’d be willing to accept all of their pay in crypto.
The survey further found that men are three times more likely than women to accept crypto as part of their salary. It also points out that younger generations such as millenials are more willing to accept cryptocurrency wages. 33% of the people in the age group of 25-34 said that they would accept crypto whereas those approaching retirement were skeptic. Only 5% of these showed interest, and 7% of those already retired showed interest in cryptocurrency.
These findings are exciting as they show that there is general interest in the population for cryptocurrency as salary. However, it was conducted online through Google’s platform and therefore the data is not completely generalizable, but it does give us a good idea.
Crypto salaries will make payments quicker and more secure.
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