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Would you want your salary paid in Bitcoin? It could soon become the norm

Only recently, it was reported that New York City mayor-elect Eric Adams was planning on taking his first three paychecks in Bitcoin in a bid to compete with Miami as one of America’s top crypto hubs.

By LLM Reporters  |  November 15, 2021
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The past year has seen a multitude of developments in the world of cryptocurrency, with the likes of Bitcoin, Ethereum and their competitors becoming ever more valuable as usability improves. Where once, trading and investing were about the extent of what could be done with them – although granted, often to great success – these days, they can be used in a number of practical ways, with those holding a crypto fortune now able to do everything from book a luxury holiday to purchase a brand new supercar through such mediums.

As cryptocurrency becomes more user friendly, its desirability, it seems, is also on the rise, with more people than ever signing up to trading platforms like Bitcoin Prime in a bid to start learning the ropes.

And according to a recent survey carried out by DeVere Group, one of the world’s largest financial advisories, more than a third of millennials would now be happy to receive their salaries in Bitcoin and/or other cryptocurrencies – something that has likely been fuelled by the moves being made across a range of different industries to make crypto more acceptable as a means of payment.

Of those, an impressive 51 per cent of participants born between 1997 and 2012 would welcome the move, evidencing that the younger generations are the most willing to embrace Bitcoin and the like with open arms. Over 750 millennials under the age of 42 were surveyed in total, spanning the continents of Europe, North and Latin America and Asia, as well as Australia and the UK – and given the response statistics, it’s safe to say that the desire for cryptocurrencies has gone global.

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No longer viewed as a weird digital fad that would never take off, Bitcoin has fast become one of the most sought-after assets for investors and traders

Could Eric Adams actually be paid in Bitcoin?

Only recently, it was reported that New York City mayor-elect Eric Adams was planning on taking his first three pay checks in Bitcoin in a bid to compete with Miami as one of America’s top crypto hubs. The move could well pave the way for more widespread payment of salaries in Bitcoin, at least in these American cities – and beyond that, who knows how mainstream it could eventually become?

DeVere CEO and founder Nigel Green believes that, based on the results of his company’s survey, cryptocurrencies could well be the future of money – and that the statistics show that the younger generations think so, too.

He said: “The results of this poll underscore what we have known for a long time: that younger generations are embracing cryptocurrencies largely because they are ‘digital natives’.

“They’ve been influenced by the enormous surge in tech as they came into adulthood. They are comfortable using and see the value in and massive potential of digital currencies.

“They appear to trust an autonomous decentralised digital currency and payment system over a traditional system where legacy financial institutions and governments are in control.”

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The future of Bitcoin is unpredictable, the general consensus currently seems to be that it’s worth taking the risk

He continued: “With more than a third of millennials and half of Gen Z happy to receive 50% of their salary in Bitcoin and/or other cryptocurrencies, they clearly believe that crypto is the inevitable future of money. And I agree with them. They see the inherent value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitised economies in which businesses operate in more than one jurisdiction.

“Cryptocurrencies make a lot of sense in today’s world.”

Bitcoin soars to an all-time high

As we become more accepting of cryptocurrencies on the whole, values are continuing to climb, with Bitcoin soaring to an all-time high of $63,858 earlier this week and continuing to make new ground. Despite a dramatic and sudden plunge in value back in the summer, it has recovered quickly, reassuring investors of its resilience and capacity for growth, and more people than ever before are beginning to open their minds to the possibilities it presents.

Ethereum, too, has reached an all-time high of $4,620 – so is the tide finally beginning to turn more convincingly for what was once considered little more than an online fad? It certainly seems so.

As interest, demand, and regulatory acceptance continues to gain momentum, it’s perhaps only natural that we can expect to see a growing number of people willing to have their salaries paid in Bitcoin and other cryptocurrencies – and one day, it could even become the norm.

Given the way things appear to be going currently, it might even be sooner than we think – but only time, as usual, will tell.

Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.