Bitcoin salary: Employees choose crypto paychecks amid economic instability

Cointelegraph
Cointelegraph

29 Jun 2023 12:39 PM

Growing economic instability is leading many to start taking their paycheck in stablecoins. ...

  • Political and economic tensions worldwide are leading to an increase in people receiving their pay in cryptocurrencies like Bitcoin.
  • The trend is not only driven by prominent figures but also by ordinary individuals who want to hedge against instability.
  • Factors contributing to the surge in crypto salaries include growing acceptance, education, and technological developments.
  • Economic conditions in different parts of the world have also influenced the rise in crypto payments.
  • goLance, a freelancing platform, saw an increase in crypto payouts from less than 5% in 2021 to almost 10% in 2022, with an expected rise to 17% in 2023.
  • Among goLance freelancers choosing crypto payments, an average of 17.5% of their payments is in crypto, while the rest is in fiat.
  • HR and payroll platform Deel reports that employees worldwide are opting for crypto wages due to political and economic instability, leading to fluctuations in local fiat currencies.
  • The Caribbean presents a use case for crypto salaries due to outdated banking systems and associated issues like waiting periods, payment delays, and withdrawal fees.
  • Latin America has the largest share of crypto withdrawals on Deel's platform, followed by Europe, the Middle East, and Africa.
  • Asia-Pacific and non-aligned movement countries account for less than 10% of all crypto withdrawals.

The sentiment of the article is generally positive, highlighting the increasing acceptance and adoption of cryptocurrencies for salaries, driven by various factors such as instability and technological advancements.

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You May Ask

What is driving the increase in people receiving their pay in cryptocurrencies?How much of goLance's payouts were in crypto in 2022, and what is the expected percentage for 2023?What percentage of payments for goLance freelancers is in crypto?Which regions have the largest share of crypto withdrawals on Deel's platform?Why is the Caribbean considered a suitable use case for crypto salaries?

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