A Third of Millennials and Majority of Gen Z Want Their Salary in Crypto -Breaking
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Recent Report: A third of millennials, and the majority of Generation Z want their salaries in cryptoA recent survey found that more than half the Gen Z born between 1997-2012 and more than a quarter of Millennials, who were born between 1980-1996, would be happy to receive payments in cryptocurrencies.
Research was done by deVere Group. It is a top financial advisory, asset management, and fintech organization. The group surveyed over 750 clients below the age 42. Participants were asked to use the deVere Crypto app. Study organizers speculate that because these two demographics are digital natives who have grown up with current technology and cryptos, they’re more willing to embrace those innovations as their financial future.
“They’ve been influenced by the enormous surge in tech as they came into adulthood. They feel comfortable with digital currency and recognize the immense potential it has.
stated deVere CEO and founder Nigel Green in the company’s press release and media reports.
“They appear to trust an autonomous decentralized digital currency and payment system over a traditional system where legacy financial institutions and governments are in control.”
This is consistent with data from Statista.com that shows an increase in receptivity by U.S. citizens to buying across all age categories. This chart shows that the highest increases in annual growth are observed with younger age group.
Statistic.com image
The percentage of people indicating they are either “very” or “somewhat” likely to buy Bitcoin in the next 5 years increased by 13 percentage points among 18-to 34-year-olds between the spring of 2019 and the fall of 2020.
Green also stated that
“They see the inherent value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitised economies in which businesses operate in more than one jurisdiction.”
To The Flipside
- Taxes are levied on cryptocurrency salaries twice. First when your employer withholds federal and state income tax, and it’s taxed again when you dispose of the crypto for another digital asset or fiat.
What are the reasons to care?
Experts think that in 5 to 7 years, paper currency will become obsolete. All of us need to prepare for that reality – not just twentysomethings.
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