According to the State of Hiring Report 2021, the number of individuals who want their salary in cryptocurrency has increased by 10% month over month. We are all familiar with the well-known sportsmen and politicians paid in cryptocurrency. But, surveys show an increasing number of ordinary individuals are also receiving some of their income in cryptocurrency.
Following developments in 2021, global employment business Deel released a study regarding the salaries in crypto. The study observed a 10 percent month-over-month rise in workers who like to be paid in cryptocurrency since November 2020.
The data, gathered from over 100,000 contracts in over 150 countries, indicates that Latin America (LATAM) and Europe, the Middle East, and Africa (EMEA) are on top of the areas with workers who get a percentage of their income in crypto.
According to the statistics provided by the report, it shows workers who received at least a portion of their pay in crypto. These employees were most likely to come from Latin America (52%), Europe (34%), the Middle East (7%), and Asia Pacific (7%).
In addition, the report showed that Bitcoin (BTC) is still the favored crypto, with 63% of crypto wages done using the currency. On the other hand, Altcoins are progressively catching up to BTC’s dominance. The second positions are Ethereum (ETH) and USD Coin (USDC), with 7 percent of crypto wages each. Solana (SOL) and Dash (DASH) were following these two, both with 2%.
The Possible Risks of Receiving Salaries in Crypto
However, despite this rise, the fear of the crypto market’s volatility is still present. Individuals are beginning to worry about how the volatility of cryptocurrency markets will affect their worth. This concern results as more and more people begin taking crypto wages. The involvement of people in taking their salary with cryptocurrency has incited conversations discussing crypto wages.
Correspondingly, Twitter user Joey Jackson wrote an interesting question. Jackson asks about the day when one will wake up after receiving the salary and then find out that the crypto market has drowned drastically. As a result, the salary will shrink as well. He follows by asking what happens to the salaries when the market goes down. Of course, people should be aware of the associated risks with crypto payments.
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
Moreover, cryptocurrency payments are not being utilized like salaries. Additionally, only small companies (SMBs) are adopting cryptocurrencies throughout the globe. Statistics show that 24% of SMBs aim to accept cryptocurrency payments. The statistics are provided by thorough research released in January. However, respondents consider this quite critical for the expansion of their businesses.
As the world embraces crypto in every industry, large organizations within the payments industry also know that cryptocurrency is the future of payments. During an interview, Petr Kozyakov, CEO and co-founder of Mercuryo, shared his opinion regarding crypto adoption by corporations. Kozyakov claimed that 75% of all significant corporations think cryptocurrency will ultimately be incorporated into every type of financial service.