A new survey by digital asset management company Bakkt has revealed that 50% of gig workers are comfortable with receiving part of their pay in cryptocurrency, while 38% said they might consider earning their entire paycheck in digital assets.
Bakkt Chief Product Officer Nicolas Cabrera commented on the survey results, which clearly showed that cryptocurrencies are attractive among gig workers, saying:
“While this group could benefit from a better understanding of how cryptocurrencies can be used, ride-hailing drivers, food delivery drivers and other gig workers are citing crypto as the next generation of currency and are attracted by the potential increase in the value of their pay.”
The study asked 1,018 gig workers from across the US during June and July 2022. The aim of these questions was to reveal the acceptance of cryptocurrencies, the sentiments and opinions of the participants towards payments through cryptocurrencies.
Among the 50% who said they would be willing to take part of their salary in cryptocurrency, freelancers (writers, developers, designers, etc.) have the highest willingness rate at 62%. Passengers (52%) and grocery shoppers (55%) follow.
Participants gave different answers to the question about the part of the salary paid in cryptocurrencies. 31% of gig workers said they would prefer 20% or less of their paycheck to be paid in cryptocurrency. 34% said they would be comfortable with 20-40%, while 21% said they would prefer to receive 40-60% of their income in cryptocurrencies.
The survey also explored why participants preferred crypto payments. Almost half of participants (49%) said the potential increase in salary value is the most compelling reason to get paid in cryptocurrency, despite the current bear market.
Another 26% said they preferred crypto payments because they were issued instantly. On the other hand, almost one in ten (11%) said they see cryptocurrencies as a long-term investment plan for retirement.
According to the numbers, more than half of gig workers said their income was sufficient to meet their living needs, as opposed to a “nice to have” income. Given how they perceive their gig work, their willingness to be paid in cryptocurrency indicates a significant level of acceptance among gig workers.
The most significant barrier against crypto payments appeared in education, at 48%. Only 33% of participants rated their knowledge of cryptocurrencies as above average or very high, while almost a quarter (26%) said they were more familiar with traditional investment tools.
Another significantly highly rated barrier emerged with 34% of participants reporting that they still had to pay bills in USD. Another 33% said cryptocurrencies are too volatile and they don’t want to risk having their payout cut.
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