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55% of crypto holders in the US and UK prefer salary payments in cryptocurrencies

55% of crypto holders in the US and UK prefer salary payments in cryptocurrencies

New research has revealed that most cryptocurrency holders prefer getting paid in digital currencies as the sector increasingly integrates with the financial system. 

The report dubbed ‘Inside the crypto community: Plotting the journey to mass adoption’ by payment platform Paysafe states that about 55% of holders would like to earn their salaries in digital assets. According to this group, crypto salary payments provide an option for smart investment alongside enhancing greater financial flexibility. 

The research was conducted in October 2021, targeting  2,015 consumers living in either the UK or the U.S. During the period, Bitcoin peaked at almost $68,000. 

Holders in the U.S. at 60% said they prefer crypto salary payments, while the UK figure stands at 49%. 

Holders who prefer to get paid in crypto by region and age. Source: Paysafe.

On the frequency of cryptocurrency trading, holders from both countries trade a few times a week, with the U.S. accounting for 24% while UK holders are at 22%. On average, 2.5% of the holders trade once a year. 

Frequency of buying and trading cryptocurrencies graph. Source: Paysafe.

With the cryptocurrency sector growing in value and several assets taking attention from Bitcoin, the report shows diversification among holders is surging. At least 36% of holders in the U.K. possess more than one asset, while the U.S. figure stands at 31%. 

Multiple cryptocurrency holdings graph. Source: Paysafe.

Holders consider crypto as future of money 

Paysafe also explored the motivation behind trading and owning various cryptocurrencies. A significant share at 25% overall are betting on the sector as the future of money. Interestingly, an average of 21% of holders are guided by the thrill of holding and trading different assets. 

Furthermore, the report showed that the digital currency sector has evolved to act as a source of income. In this line, an average of 12% of respondents stated that trading in cryptocurrencies is their primary source of income. 

Motivation for owning cryptocurrencies graph. Source: Paysafe.

Barriers to mass adoption 

The study also identified some barriers towards mass adoption, with a significant share at 66%, citing security and trust issues. At the same time, another 65% pointed out that it is tedious to withdraw cryptocurrencies and called for more retail options. 

The researchers also acknowledged that interest in digital currency has been motivated by new product lines like DeFi and the metaverse concept. 

“Interest in defi and the metaverse has reached a whole new level recently, and, with that, positive sentiment towards cryptocurrencies continues to increase. However, it’s clear that many people are still crying out for more practical use cases to bring crypto into the real world,” said Paysafe’s Digital Wallets CEO Chirag Patel.

Volatility also emerged as a factor driving several people to avoid purchasing assets as the worry of a price crash lingers. The volatility has played out in 2022 as most assets experienced sell-offs. 

As reported earlier by Finbold, the market lost about $230 billion in the first week of 2022. Mega-cap tokens like Bitcoin and Ethereum led the capital outflow. 

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