As cryptocurrencies become increasingly more mainstream, public attitudes towards the digital money are beginning to shift. Businesses of all kinds are beginning to accept cryptocurrencies as a method of payment, and charities are accepting the digital tokens are a form of donation. Although some are still doubting the validity of cryptocurrencies, given that it as of yet is not possible to purchase a cup of coffee for Bitcoin, that is changing fast. Starbucks will begin accepting digital tokens starting November this year. It is no surprise, then, that more and more people are willing to consider having their salaries paid out in cryptocurrency, rather than fiat money.
The survey results are in
Sage has conducted a survey of 1000 people, asking them if they would be willing to have their entire salary, or at least a part of it, paid out in cryptocurrency. The results show that a third of the respondents (31%) were happy to receive cryptocurrencies in place of fiat money when they get paid at the end of the month. Sage grouped the respondents by age category, in order to identify the discrepancies between different generations. Perhaps unsurprisingly, they found that the youngest and oldest respondents were least willing to accept cryptocurrency as payment. 18% of people aged 18-24 were willing to be paid in digital tokens, compared to 33% of people aged 24-34 and 25% of people aged 35-44. From ages 45-54, only 12% were willing to accept cryptocurrency, and amongst those aged 55-64 only 5% said yes. Interestingly, respondents older than 65 were 7% likely to say yes.
The findings are in line with similar research
Wells Fargo and Gallup conducted a similar study a while back, and the findings produced by Sage were pretty much in line with their study. Wells Fargo and Gallup wanted to find out which age groups knew the most about cryptocurrency, and which ones were interested in learning more about it. Of those surveyed, 48% of the younger respondents considered themselves knowledgeable about cryptocurrencies, and 41% were interested in knowing more. Only 22% of the older respondents knew much about cryptocurrencies, and only 20% were interested in learning more.
Volatility is still an issue
One of the major issues with accepting salaries in the form of cryptocurrency is the volatility of the market. People are used to being paid in fiat money and are pretty much guaranteed that their salary will have the same purchasing power all year round. When it comes to cryptocurrencies, there are some more risks involved. One only has to look at the Bitcoin crash that happened less than a year ago to understand the concerns surrounding volatility. Sage also wanted to understand how many of the people surveyed had these concerns. As predicted, people were not very willing to accept their entire salary in cryptocurrency tokens. Of those who were willing to accept this kind of salary, 37% were willing to get 20% of their salary in cryptocurrency. 18% were willing to receive 40% of their salary in tokens, 18% were willing to accept 60%, 11% would take 80%, and a full 15% of respondent were happy to receive their entire salary in cryptocurrencies.