A survey by the Investopedia Financial Literacy Survey 2022 states that millennials and Gen Z prefer to receive a portion of their salary in cryptocurrencies.
Survey Reveals Crypto as Salary is Gaining Acceptance
A global poll by deVere Group financial consultancy reveals that millennials and Gen Z are happy to receive 50% of their salary in cryptocurrencies. Millennials are those in the age group 26 and 42, and Gen Z includes those below 26.
A survey by Sofi and Workplace Intelligence reports that 42% of employees prefer performance rewards in NFTs. An Investopedia Survey reveals that 28% of millennials have retirement plans in cryptocurrencies.
Partial Salary in Crypto
Several renowned American players are receiving salary payments in Bitcoin. Football stars Beckham Jr. and Aaron Rodgers get a portion of their salary in the top cryptocurrency, Bitcoin. UFC player Matheus Nicolau receives his salary in Bitcoin.
Millennials prefer crypto investments. 38% of millennials have made some form of investment in cryptocurrencies. The older people in this age group are willing to make investments in crypto. They hold investments in non-fungible tokens (NFTs) and digital currencies. In particular, millennial men have more crypto investments than millennial women.
Baby boomers are still cautious about crypto investments. They are not willing to risk their capital in the widely-fluctuating crypto sector.
Payment in Cryptocurrencies is Likely to be Profitable
Crypto payments have gained acceptance by companies and individuals.
Payment in crypto is fast and cheap, and international transfer of payment is made easier through cryptocurrencies. It encrypts sensitive information regarding the customer’s card to make a secure payment.
Crypto as salary helps in quick payments as they do not come under centralized regulatory control such as a central bank. Crypto values fluctuate with large swings. People make use of the crypto price volatility to make profits. Sometimes, investment value comes down when the crypto swings in the reverse direction.
Taxes levied on crypto usage are very low in countries like Portugal, and users gain profit on tax. Crypto tax requirements vary between countries.
Cryptocurrency Price Movement Between 2017 and 2021
The value of cryptocurrencies has surged during the period 2017 to 2021. Returns from crypto investments have been very high. Though a sudden drop in prices has also occurred, the large crypto investment community has benefitted from their crypto investments.
Users accept that cryptocurrency is associated with high risks. Almost 44% of millennials say that crypto investments are risky, but it has the potential for big profits, say millennials.
Bitcoin (BTC) prices trading at $1,050 in 2017, are now priced at $40,800. They touched life-high levels at $66,900 in November 2021.
Ethereum (ETH) prices were below $500 in 2017 but zoomed higher to $3,084 in April 2022. ETH was trading at $4,864 in November 2021.
DOGE coins were low-priced at $0.001 in April 2020 and are trading at 0.1400 in April 2022. It Prices touched a life-high value at $0.7254.
Cardano was at $0.0404 in December 2019 and is currently trading at $0.9689 in April 2022, after surging to $3.0989 in November 2021.
The essence of crypto investments and trading is to get in at the right moment and get off at the right price. Crypto trading is risky, and traders are warned about the volatile crypto price moves that may wipe off entire investments. Invest only surplus funds in crypto and use them wisely. Traders must have risk tolerance in the crypto market.
Need for Payment Gateway
Payment gateways make crypto payment very easy. It enables the payment data transfer from the consumer to the online merchant, making it easy and safe. The customer is the cardholder who gains access to the products and services of the online merchant. The issuing bank makes payments to the acquiring bank.
The payment gateway ensures that no fraudulent usage of the card or illegitimate transaction happens. It protects the merchant from insufficient funds or expired cards.
Users are now willing to make the transfer of money through crypto.
Cryptocurrencies are generally associated with investment or trading. It is only recently that crypto payment is getting recognized. Large companies like Microsoft, Visa, and Starbucks accept payments through crypto for their goods and services. Blockchain technology makes it easier to make payments through crypto. Of late, even small businesses accept crypto payments.
After stocks and mutual funds, the next best investment is in the crypto sector.
The high volatility in crypto prices attracts new investors while keeping some investors away. The crypto market is comparatively new, and users are yet to gain knowledge of blockchain technology. While traditional assets like gold and the share market have gained acceptance, the new crypto sector is too volatile for the older generation. However, it attracts millennials and Gen X and Gen Y.
Famous personalities like Tesla CEO Elon Musk have added to the charm of the crypto industry with their tweets and comments.