Bakkt Study Finds Nearly 50% of Gig Workers Open to Getting Paid a Portion in Crypto
July 27 2022 - 8:35AM
Business Wire
Fielded during June & July, Volatility
Study Illustrates Continued Crypto Prominence
Bakkt Holdings, Inc. (NYSE: BKKT) a digital asset platform that
unlocks crypto and drives loyalty to create delightful, connected
experiences for a broad range of clients, today released findings
from its “Gig Workers & Crypto Study” examining various
segments of gig workers and their openness to and understanding of
cryptocurrency. While the study was fielded during peak crypto
volatility between mid-June and early July, 38% said they were open
to getting paid in crypto and openness rose to nearly 50% when
asked if they were open to getting paid a portion in crypto.
“The increasing appeal and the existing usage of cryptocurrency
among gig workers came through clearly in our study,” said Nicolas
Cabrera, Chief Product Officer Payments at Bakkt. “While this group
could benefit from increased understanding of how crypto can be
used, rideshare drivers, food delivery drivers and other gig
workers cite crypto as the next generation of currency and are
drawn to the potential increase in the value of their pay.”
Crypto adoption is already well underway with this demographic
of workers, and they appear to be crypto savvy, with 20% claiming
they have already been paid in crypto. Within that group, freelance
writers/designers/developers, grocery shoppers, social influencers
and those who rent properties were most likely to say they have
been previously paid in crypto. And when asked what percentage they
would be interested in taking in crypto, gig workers selected
20-40% of income in crypto as the most prominent range (34%
overall), including rideshare drivers (42%), handymen (40%), and
market sellers (40%).
Key National Findings
Crypto Payout
- Within the gig economy workforce, there are differences among
the type of worker who is open to getting paid a portion of income
in crypto, with freelance writers/designers/developers and property
renters with the highest openness rate (62%), followed by rideshare
drivers (56%), and grocery shoppers (55%).
- 34% of workers would opt to receive 20-40% of their income in
crypto, 31% of workers would opt for 20% or less of their income
and another 21% would opt to receive 40-60% of their income in
crypto.
Crypto-Appeal:
- Potential for increase in value of pay rated as the most
compelling reason for getting paid in crypto (49%), followed by
getting paid immediately instead of a waiting period (26%), it is
non-tangible currency that can replace cash (13%), and its
potential as a long-term investment plan for retirement (11%).
- A maximum differential statistical method was used to determine
desired features in signing up for crypto payments and found the
top drivers of signup to be: ability to cash out at any time,
platform security, instantaneous delivery of crypto, and being
ability to hold crypto as long as desired to build value.
- 33% rate their crypto knowledge as “above average” or “very
high” compared to only 26% who were equally familiar with more
traditional investment vehicles such as exchange-traded funds
(ETFs).
Crypto Barriers
- Education remains a priority as 48% of gig workers still say
they don’t know much about crypto. Other concerns include the need
to be able to pay bills in USD (34%), it’s too risky/volatile
(33%), and workers don’t want to risk their paycheck decreasing in
value (33%).
Gig Worker Perceptions
- More than half of gig workers consider their income as
necessary for fulfilling basic living needs for themselves and
their families, as opposed to “nice to have” income. 70% of gig
workers are working 2 or more gig jobs, and over 30% are working 3
or more.
- Almost 40% of gig workers say they see themselves continuing in
the gig economy for the next 3 or more years.
- Gig worker satisfaction is high overall, but gig workers who
own crypto are more satisfied with their primary gig job than gig
workers who do not own crypto (78% vs. 68%).
- 66% of gig workers use their own money to fund costs associated
with their gig job
About the Study
Commissioned by Bakkt® and conducted via the insights automation
platform quantilope, the study surveyed 1,018 gig workers across
the U.S. and was fielded in June and July 2022, providing insight
into how gig workers think about the future of crypto payments, as
well as examining how crypto adoption and sentiments vary across
gig work segments.
To learn more about this research, please click here.
To download the Bakkt App, visit the App Store® and Google Play
Store™.
About Bakkt:
Bakkt is a digital asset platform that unlocks crypto and drives
loyalty to create delightful, connected experiences for a broad
range of clients. Bakkt’s platform, available through the Bakkt App
and to partners, amplifies consumer spending and bolsters loyalty
programs, adding value for all key stakeholders within the Bakkt
payments and digital assets ecosystem. Launched in 2018, Bakkt is
headquartered in Alpharetta, GA. For more information, visit:
https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn
https://www.linkedin.com/company/bakkt/
This does not constitute, and should not be construed as,
investment advice or a recommendation to buy, sell, or otherwise
transact in any investment, including any of the product(s)
mentioned herein, or an invitation, offer or solicitation to engage
in any investment activity. This information is provided solely on
the basis that you will make your own investment decisions, and
Bakkt does not take account of any investor's investment
objectives, particular needs, or financial situation. It is
strongly recommended that you seek professional investment advice
before making any investment decision.
Source: Bakkt Holdings, Inc.
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Lauren Post, VP – Communications Lauren.Post@bakkt.com
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