Bitcoin on payday: 1 in 4 Aussies would like part of their salary paid in BTC
Despite Bitcoin's volatile nature, interest in the cryptocurrency is still ripe, with some Australians even willing to have part of their salary paid in BTC, according to new research by Finder.
A Finder survey of 1,000 respondents found that 1 in 4 (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 going up in value, while another 10% say it would help them invest before tax.
That's around 4.7 million Australians with an interest in having part of their salary paid in the most popular cryptocurrency.
Taylor Blackburn, personal finance specialist at Finder, said cryptocurrency was becoming much more mainstream.
"Bitcoin has seen impressive growth in the past year, despite its recent drop and sometimes volatile nature.
"With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it's not surprising that this many people are willing to be paid part of their salary in Bitcoin."
The research revealed men from a higher income bracket ($100K+) are the most interested in Bitcoin.
Interestingly, men (21%) are more than twice as likely as women (8%) to want to be paid in Bitcoin because they believe it is going up in value, while 13% and 8% respectively say it would help them invest before tax.
The survey shows that 55% of Aussies aren't 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 is much more enticing to gen X (22%) and millennials (19%), who want to be paid in the cryptocurrency because they think it is going up in value. Just 1% of baby boomers and 13% of gen Z agree.
Blackburn urged 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're getting into," he said.
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 US$94,967. That's 83% higher than the panel's end-of-2021 prediction from December 2020 of US$51,951.
Finder is one of the first Australian companies to offer its employees the option to take home some of their salary in Bitcoin.
Australians looking for an easy way to buy and sell Bitcoin can now do so directly through the Finder app.
Would you be willing to have part of your salary paid in Bitcoin?
|No, I'm not interested||61%||49%||55%|
|Yes, it is going up in value||8%||21%||14%|
|No, it is too volatile/I don't trust it||12%||13%||13%|
|Yes, it would help me invest before tax||8%||13%||10%|
|No, I need to access all the money I make each payday||11%||4%||8%|