Over Half of Crypto-Natives Would Rather Get Paid Their Salary in Cryptocurrency, Research Published by Paysafe Shows
January 11 2022 - 4:00AM
Business Wire
Out of the 30 million+ crypto owners in the
U.S. & U.K.*, 55% would like to get paid their full salary in
crypto rather than fiat currencies
Paysafe (NYSE: PSFE), a leading specialized payments platform,
has today released new research which reveals that 55% of crypto
owners – rising to 60% of 18-24 year olds – would rather get paid
their salary in cryptocurrency. The top reasons for this include
people seeing cryptocurrencies as a smart investment, believing
that they’ll likely get paid in it soon anyway, and greater
financial flexibility. The research ‘Inside the crypto community:
Plotting the journey to mass adoption’ surveyed a cross section of
2,000 crypto owners living in the U.S. and U.K., including their
attitudes towards the future of decentralized finance.
Over half (54%) of crypto owners agree that cryptocurrency is
the future of finance and will take over as the dominant form of
international currency. This was also the primary motivation for
owning crypto in the first place, ahead of making money from
trading or investing. However, the research suggests this
conclusion has come through careful consideration – and that crypto
owners have had concerns along the way. In fact, 70% of people
admitted to having doubts about investing in crypto at some point
since they started trading, with nearly half (49%) of all crypto
owners having cashed out either some or all of their cryptocurrency
assets at some point as a result.
According to crypto owners, payments hold the key to mass crypto
adoption. The top reason for not wanting to be paid in
cryptocurrency is that it can’t be used to make payments widely
enough at present (24%). Additionally, 22% of all crypto owners
said they would invest more in crypto if more retailers accepted it
as a form of payment, and 17% said the same if more countries
accepted cryptocurrencies as legal tender. Overall, 59% of
respondents agree that the lack of real-world applications for
cryptocurrencies, such as payments, is currently preventing crypto
from reaching its full potential.
Despite some of these potential stumbling blocks, crypto owners
are optimistic on the timeline to widespread adoption. Over half
(60%) agree that you’ll be able to use crypto to make online
purchases with many more online retailers this time next year,
while 47% agree that accepting cryptocurrencies in physical stores
will become commonplace within the next 12 months. Finally, nearly
half of crypto owners (49%) believe that everyone will own
cryptocurrency within the next five years.
Commenting on the findings, Chirag Patel, CEO, Digital Wallets
at Paysafe, said: “Interest in defi and the metaverse has reached a
whole new level recently and, with that, positive sentiment towards
cryptocurrencies continues to increase. However, it’s clear that
many people are still crying out for more practical use cases to
bring crypto into the real world – in particular, being able to use
it as a payment method, and this is something we are committed to
driving at Paysafe. People can interact with cryptocurrencies
through our digital wallets, Skrill and NETELLER, whether that’s
for the very first time or as a more seasoned investor.”
For further information download the full report here:
www.paysafe.com/blog/inside-the-crypto-community
###
NOTES TO EDITORS
*As published in https://triple-a.io/crypto-ownership/
About the research
This research was commissioned by Paysafe, and conducted by
independent research house Sapio Research in October 2021. The
research was collected using an email invitation and online
survey.
The research was conducted among 2,015 consumers living in
either the UK or U.S. (minimum of 1,000 respondents in each
country). Only respondents that confirmed that they currently owned
one or more cryptocurrencies, or had done at any point previously,
were able to participate in the survey. This sample was selected in
order to more accurately reflect the actions and opinions of those
with first-hand knowledge of cryptocurrencies. The demographics of
respondents (age and gender) are a representative sample of the
total crypto community (consumers that own or have owned
cryptocurrencies), rather than a nationally representative
sample.
The sample was selected from online partner panels. The results
of any sample are subject to sampling variation.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
specialized payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualized transactional volume of U.S. $100
billion in 2020, and approximately 3,400 employees located in 12+
global locations, Paysafe connects businesses and consumers across
70 payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments.
Further information is available at www.paysafe.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220111005137/en/
Anna Howard, Director of Communications, Europe and Asia,
Paysafe
Anna.howard@paysafe.com
Phone: +442038908975
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