Companies Now Paying Workers In Cryptocurrency?

Cryptocurrency is becoming so mainstream that people are asking their employers to pay them in it.

By Kristi Eckert | Published

cryptocurrency bitcoin us digital dollars

Cryptocurrency is beginning to significantly permeate the mainstream public’s interest. Good indicators of this include things like bitcoin ATMs that now dot retail locations nationwide, as well as crypto’s overall increased accessibility. This increased accessibility is being made possible by widely used e-finance institutions like Venmo, Acorns, and SoFi. However, perhaps an even better indication of the fact that cryptocurrency is really starting to make waves in the mainstream is that some people are now asking to get their paychecks in their decentralized currency of choice. 

According to a survey conducted by SoFi financial services in March of 2022, the workforce is readily warming up to the idea of getting paid in cryptocurrency. The survey included 1600 participants and it was conducted with the goal of determining where workers experience the most financial stress. While there were many interesting conclusions to be drawn from the survey’s results, one of the most interesting to arise pertained to cryptocurrency and workers’ attitudes towards it. In their survey responses, many individuals communicated that they wished their employers offered some sort of cryptocurrency education program so that they could learn more about it. However, more interesting still, is that a total of 36% of respondents indicated that they would be in favor of receiving their paychecks entirely in crypto.

What’s more, is that not only were about 1/3 of participants comfortable with the idea of getting paid in a decentralized currency, but a total of 42% also conveyed that they would be happy to receive their bonuses in the form of NFTs. In their final assessment of the findings, SoFi indicated that the obvious growing interest in cryptocurrency could pose a unique opportunity for employers willing to seize it. 

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Given the fact that many employers are still struggling to maintain a stable workforce following a pandemic-induced great resignation, it could behoove many to pay close attention to this exponentially growing interest in cryptocurrency. For instance, employers trying to attract a qualified candidate to their company may have an advantage over others if they begin offering cryptocurrency perks as part of their new hire benefits packages. 

While growing public interest in cryptocurrency serves to highlight an emerging public shift in how finances are accrued, spent, and invested, it’s still worth noting that the crypto sector, in general, is still in its infancy. The world of crypto is just beginning to come into its own, and as with any growing entity, there are still a lot of kinks to work out and obstacles to scale before it can fully mature. For example, a big part of these surfacing growing pains are the insecurities pertaining to the use of blockchains. Blockchains are services used to convert one cryptocurrency to another. As crypto gets more popular, blockchains are being increasingly targeted by hackers attempting to siphon crypto funds away from unsuspecting crypto holders. 

In the future, getting paid in cryptocurrency could become completely commonplace. However, while the interest is there a change as drastic as that is likely not to occur overnight. The crypto sector in general still has a lot of maturing to do before that kind of mainstream adoption can safely occur. However, judging by the amount of interest being generated and opportunities that are already evident it certainly seems like a theoretical financial future that has a lot of potential merit behind it.