The number of ordinary people accepting part of their salaries in cryptocurrencies increased globally, according to the State of Hiring Report 2021 by the company Deel. Tracking trends that occurred in 2021, the company released a report that noted a 10% month-on-month increase in people wanting to be paid in cryptocurrencies since November 2020.
The data, drawn from more than 100,000 contracts in more than 150 countries, shows that Latin America, Europe, the Middle East and Africa are leading the regions that have employees who want to be paid a portion of their salary in cryptocurrencies.
The report shows that of the employees who accepted at least a portion of their salaries in cryptocurrencies, 52% were from the Latin American region, 34% from Europe, Middle East and Africa, 7% from North America and 7% from Asia.
In addition, the study shows that bitcoin (BTC) remains the cryptocurrency of choice, with 63% of crypto-wages being made in this currency. However, altcoins are also slowly gaining ground. 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%.
Meanwhile, as more people begin to accept cryptocurrency wages, some have expressed concern that the volatility of cryptocurrencies will affect their value. However, there are also many advantages of getting paid in cryptocurrency for both employees and employers: transfers are efficient and cost-effective, it cuts out the intermediary financial institution, and it’s an investment with potential for upside. In addition to being used as salaries, cryptocurrency payments are also gaining traction in small and medium-sized enterprises (SMEs) around the world. A study published in January shows that 24% of SMEs plan to accept cryptocurrency payments. According to respondents, this is vital for the growth of their businesses.
