Aussies willing to be paid partly in Bitcoin: Finder
A quarter of Australians would happily have a portion of their salary paid in Bitcoin, according to new research by comparison site Finder.
A national survey of 1000 respondents revealed 24 per cent wanted to to be paid partially in Bitcoin, with 14 per cent of those indicating Bitcoin’s rising value for their decision, while another 10 per cent said it would help them invest before tax.
Bitcoin, the most popular form of cryptocurrency, is a decentralised digital currency that you can buy, sell and exchange directly without an intermediary such as a bank.
Finder was one of the first Australian companies to offer the option to its employees, and co-founder Fred Schebesta said the practice could become normal for all Australians within the next two years.
Taylor Blackburn, a personal finance specialist at Finder, said the research was another indication cryptocurrency was becoming more legitimised.
“Bitcoin has seen impressive growth in the past year despite its sometimes volatile nature,” he told NCA NewsWire.
“With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it’s not surprising that this many people are willing to be paid part of their salary in Bitcoin.”
Although the survey indicated the number of Australians open to Bitcoin built into their salary had increased, it also demonstrated 55 per cent were against the idea.
Of the 55 per cent opposed to Bitcoin, 13 per cent said Bitcoin was too volatile and did not trust it as a form of currency, while 8 per cent said they needed to access all the money they made each payday.
Men from a higher income bracket (at least $100,000 a year) are the most interested in Bitcoin.
“Men (21 per cent) are more than twice as likely as women (8 per cent) to want to be paid in Bitcoin because it is going up in value, while 13 per cent and 8 per cent, respectively, say it would help them invest before tax,” the research detailed.
“Bitcoin is much more enticing to Gen X (22 per cent) and millennials (19 per cent), who want to be paid in the cryptocurrency because it is going up in value. Just 1 per cent of baby boomers and 13 per cent of Gen Z agree.”
Mr Blackburn urged Australians to thoroughly research cryptocurrency before buying it or agreeing to substitute it for part of their salary.
“Like with any investment, there are risks involved with cryptocurrencies,” he said. “But with high risk can come high reward. Be sure to do your due diligence so you know what you’re getting into.”
The panel average of Finder’s Bitcoin price predictions report predicts the cryptocurrency is set to peak at $US107,484 in 2021 before capping off the year at $US94,967.
In December 2020, the panel predicted Bitcoin would end 2021 at $US51,951, meaning its prediction has risen 83 per cent.
Originally published as Aussies willing to be paid partly in Bitcoin: Finder
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