Despite the rollercoaster ride Bitcoin (CRYPTO: BTC) has been on over the past year, some Australians want at least part of their salary paid in the popular cryptocurrency. A survey of 1,000 Aussies by comparison website Finder found that nearly 25% of the respondents were interested in the idea.
As we enter this brave new world of digital currencies, more and more of our compatriots are willing to take the plunge.
Your salary in cryptocurrency?
According to the Finder survey, more men were interested in being paid in Bitcoin than women. 34% of men said they were willing to receive part of their salary in the cryptocurrency while only 16% of women said the same.
The most popular reason Australians cited for wanting to be paid in Bitcoin was what they perceived as its appreciating value. 14% of all respondents gave this answer. 10% said a Bitcoin payment would help them invest before taxes.
55% of respondents, including 61% of women, said they were not interested in the cryptocurrency. 13% said they thought it was too volatile while a further 8% stated they need access to their pay straight away.
Finder personal finance specialist Taylor Blackburn said cryptocurrencies were becoming more mainstream.
Bitcoin has seen impressive growth in the past year, despite its recent drop and sometimes volatile nature.
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.
The survey also revealed that men who made more than $100,000 a year were the most interested in being paid in Bitcoin. Millennials and Gen Xers were the most receptive generations, with a respective 19% and 22% responding in the affirmative. Just 1% of Baby Boomers agreed.
Blackburn urged Australians to do their research before buying cryptocurrency or agreeing to be paid partly in Bitcoin.
Like with any investment, there are risks involved with cryptocurrencies. But with high risk can come high reward.
Be sure to do your due diligence so you know what you're getting into.
Bitcoin market value snapshot
Just in the past week, Bitcoin price has bounced between a high of almost US$43,000 and a low of just over US$31,000. The cryptocurrency is currently trading for US$38,000. In percentage terms, that's a fall of 28% followed by a rise of 23% in just 7 days!
The Chinese government's recent crackdown on cryptocurrencies and tweets by Tesla Inc (NASDAQ: TSLA) founder Elon Musk are among events that have impacted the Bitcoin price recently.
