Key Takeaways
- Bakkt found out that 50% of gig works prefer to receive their payments in crypto.
- Amidst the bear market, a good number of gig workers still prefer to get paid in crypto.
Bakkt, a digital asset management institution, revealed to the public that an impressive rate of 50% of gig workers prefer receiving their remuneration in cryptocurrency. Out of 100%, 38% mentioned that there are undeniable chances they might begin receiving their paycheck in virtual currencies.
Nicola Cabrera, who happens to be Bakkt's Chief Product Officer, explains that the evaluation outcome hints that many gig workers appreciate and consider cryptocurrency highly. The analysis employed a question mechanism whereby a staggering sum of 1,018 gig workers in the US around July and June were confronted with the intention of ascertaining crypto's appeal, status, and perception by workers in the country.
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Crypto Proclivity
In the analysis carried out, out of the 50% who expressed their preference to be paid in crypto, freelance workers make up the towering keenness percentage with 62%. These freelance workers include developers, designers, writers, and many others. Then, immediately after, the freelance workers are grocery shoppers, with a willingness rate of 55%, and rideshare drivers with a willingness rate of 52%.
Although the responses did not take a generic drive, there were different responses to the questions. However, 31% of gig workers mentioned they would receive 20% or below of their payment in crypto. 34% claimed to be fine with receiving a percentage of 20% to 40% of their paycheck in crypto. Finally, 21% mentioned they would rather be paid 40–60% of their payment in crypto.
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Crypto Allure
The analysis also considered the reasons why the participants found receiving their paycheck in crypto quite alluring and better. Almost a quarter of the participants mentioned that the value of crypto is liable to an unforeseen increase; thus, getting paid in crypto can also increase the rate of their paycheck regardless of the present degrading value plunging the crypto market.
26% opted for another reason: the immediacy of receiving payment is quick with crypto. Then 11% mentioned that they perceive crypto as a retirement plan, a sort of long-term investment after they hang their boots. According to the statistics, fifty percent of workers receive income that is sufficient to meet their basic needs, as opposed to "nice to have" income.
Thus, the keenness to take up payment in crypto by these workers hints at a forthcoming adoption of this method by their colleagues who are yet to hop on the trend.
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Crypto Hindrances
According to the analysis, the most acknowlegdeable hindrance to crypto paychecks showed up in education, with 48%. 26% were documented to have mentioned that they are quite conversant with traditional investment plans.
While 33% claimed to measure their familiarity with cryptocurrency very high or a bit above average.33% said they are scared of leaving their paychecks to a volatile and unpredictable value. Another 34% mentioned that they still had fees to sort out using USD. Let's kindly know what you think about this in the comment below.
