Despite Bitcoin’s volatile nature, interest in cryptocurrency remains high, with some Australians expressing interest to have part of their salary paid in Bitcoin, according to new research by Finder.
A Finder survey of 1,000 respondents found that one in four (24%) Australians would be willing to have part of their salary paid in Bitcoin.
Of those who would be willing to be paid in Bitcoin, 14% say so because they think it is increasing in value, while 10% say it would help them invest before tax.
The survey (pictured) estimates that 4.7 million Australians are willing to have part of their salary paid in the most popular cryptocurrency.
Taylor Blackburn, Finder personal finance specialist, says cryptocurrency is becoming more mainstream.
“Bitcoin has seen impressive growth in the past year despite its volatility.
“With more Australians looking for inflation hedges, yield-bearing assets, and alternative investment opportunities, it’s not surprising that many people are willing to be paid part of their salary in Bitcoin”.
The research reveals men from a higher income bracket who earn $100K+ are the most interested in Bitcoin.
Men (21%) are more than twice as likely as women (8%) to want to be paid in Bitcoin because its value is increasing, while 13% and 8% respectively say it would help them invest before tax.
The survey shows that 55% of Aussies are not interested in being paid partly in Bitcoin, while 13% say Bitcoin is too volatile and they don’t trust it. For 8% of respondents, they need to access all the money they make each payday.
Bitcoin appears more interesting to Gen X (22%) and millennials (19%) who want to be paid in the cryptocurrency because its value is going up. Only 1% of baby boomers and 13% of Gen Z agree.
Blackburn urges Australians to do their research before buying cryptocurrency or agreeing to be paid partly in Bitcoin.
“Like with any investment, there are risks involved with cryptocurrencies. But with high risk can come high reward.
“Be sure to do your due diligence so you know what you are getting into”, he warns.
According to the panel average on Finder's Bitcoin price predictions report, Bitcoin is set to peak at US$107,484 in 2021 before capping off the year at $94,967. That’s 83% higher than the panel's end-of-2021 prediction from December 2020 of $51,951.
Finder says is one of the first Australian companies to offer its employees the option to take home some of their salary in Bitcoin.