Apart from high-profile athletes and politicians who are accepting salaries in cryptocurrencies, A study shows that the number of ordinary people who accept part of their salaries in cryptocurrencies has increased globally.
Tracking the trends that occurred in 2021, the global recruitment company Deel released a report that noted a 10% month-over-month increase in people wanting to be paid in crypto since November 2020.
The data, drawn from more than 100,000 contracts in more than 150 countries, shows that Latin America (LATAM) and Europe, the Middle East and Africa (EMEA) are at the top of the regions that have employees who want to be paid a part of their salary in cryptocurrencies.
The report shows that of employees who accepted at least a portion of their salaries in cryptocurrencies, 52% were from the LATAM region, 34% from EMEA, 7% from North America, and 7% from Asia Pacific.
What’s more, study shows that bitcoin (BTC) remains the preferred cryptocurrency with 63% of crypto salaries being made with this currency. However, while BTC remains dominant, altcoins are slowly gaining ground as well. Ether (ETH) and USD Coin (USDC) are tied for second place with 7% of crypto salaries each. They are followed by Solana (SOL) and Dash (DASH) each with 2%.
In the meantime, As more people begin to accept salaries in crypto, some have raised concerns that the volatility of the crypto markets will affect its value.. In a discussion thread about crypto salaries, Twitter user Joey Jackson wrote:
I guess it would be interesting when you wake up the next morning after receiving your salary only to find out the market had dumped drastically and so has your salary cause it’s now in crypto what then?
— Joey Jackson (@JoeyJackson112) February 23, 2022
I guess it would be interesting when you wake up the next morning after receiving your salary only to find that the market has crashed drastically and so has your salary, because it is now in crypto. What happens then?
In addition to being used as wages, cryptocurrency payments are also gaining traction in small businesses (SMBs) around the world. A study published in January shows that 24% of SMBs plan to accept payments in cryptocurrencies. According to the respondents, this is vital for the growth of their companies.
Large companies in the payment industry also recognize that cryptocurrencies are the future of payments. In a past interview with Cointelegraph, Petr Kozyakov, CEO and co-founder of Mercuryo, said that “75% of large companies believe that cryptocurrencies will eventually be integrated into all forms of financial services.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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