Cryptocurrencies are experiencing an increased adoption by businesses. Considering this, Sage conducted a survey in order to find out how many people would be willing to accept their salary in Bitcoin or any other cryptocurrencies.
What does the salary survey show?
As cryptocurrencies gradually step into different spheres of peoples, you can now purchase games or book a hotel with the help of your crypto wallet, but how many people would be able to give up on fiat and accept digital money as a form of salary? Sage’s survey shows that as many as 31 percent of respondents would go for it, but only a small portion of them (11 percent) would want to receive their whole income in cryptocurrencies.
Among the poll participants, males unsurprisingly showed a more crypto-friendly attitude comprising 75 percent of those who gave a positive answer. Females may still feel iffy about digital assets due to the fact that there is a huge gender discrepancy in Bitcoin ownership. The survey also shows that one more obvious thing– millennials tend to feel more accepting about cryptocurrencies than any other age group.
A tricky situation
There are already some IT companies that are able to pay employees in crypto, but this practice is still far from mainstream adoption. Partially, it is due to the fact that Bitcoin (let alone other digital currencies) is still viewed as a highly risky asset. As CryptoComes reported earlier, only two percent of American investors have Bitcoin on their portfolios. Due to an enormous market volatility, you can literally lose a substantial part of your salary overnight. However, Bitcoin would be a good option for those who prioritize flexibility, since it allows conducting fast and cheap transactions around the globe.
Bitcoin and taxes
To avoid trouble with the IRS, one should remember that receiving crypto in a form of salary is a taxable event. You are, in fact, required to additionally pay a capital gains tax every time Bitcoin is experiencing another bullish uptick. This is definitely too tedious for your run-of-the-mill worker.