Getting paid in cryptocurrency will be the norm, says expert

Younger folks have trust issues with traditional financial institutions. And there are politicians who are already receiving their pay in Bitcoin.

| More on:
a young woman wearing work wear in an office setting has a lively, happy openmouthed expression of joy while holding one hand up in a happy gesture while holding a bitcoin token in the other hand.

Image source: Getty Images

Bitcoin (CRYPTO: BTC) and cryptocurrencies have run hot the past few weeks as a bunch of ETFs reflecting the asset launched in Australia and overseas.

For any investor still doubting its mainstream credentials, one expert warns that receiving your wages in cryptocurrency will soon become standard practice.

According to DeVere Group chief executive Nigel Green, this faith is led by the younger Y and Z generations.

“They’ve been influenced by the enormous surge in tech as they came into adulthood. They are comfortable using and see the value in and massive potential of digital currencies,” he said.

“There will be a growing number of people willing to have their salaries paid in Bitcoin and other cryptocurrencies. Indeed, one day it will be the norm.”

After growing up through the global financial crisis and the anti-1% protests, the younger population have an inherent distrust of conventional banking institutions.

“They appear to trust an autonomous decentralised digital currency and payment system over a traditional system where legacy financial institutions and governments are in control.”

US politicians stepping over each other to be paid in Bitcoin

DeVere Group’s own survey showed a whopping 51% of those born between 1997 and 2012 would already “welcome” their employers to pay them in cryptocurrencies.

Among generation Y, who are born between 1980 and 1996, 36% are ready to receive their wages in digital tokens such as Ethereum (CRYPTO: ETH).

“They clearly believe that crypto is the inevitable future of money.  And I agree with them,” said Green.

“They see the inherent value of digital, borderless, global currencies for trade and commerce purposes in increasingly [digitised] economies in which businesses operate in more than one jurisdiction.”

The findings come after the mayor-elect of New York City, Eric Adams, this month agreed to receive his first 3 paycheques in Bitcoin.

That came about as a result of one-upmanship on Twitter, after Miami mayor Francis Suarez declared he would take his next pay entirely in Bitcoin.

“NYC is going to be the center of the cryptocurrency industry,” said Adams.

“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor.”

There are already third-party services, such as Living Room of Satoshi, that allow Australians to be paid their wages in digital tokens.

Back in May, a local study found almost a quarter of Australians were willing to take the plunge.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor Tony Yoo owns shares of Bitcoin and Ethereum. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Cryptocurrencies