Increase in Employee Crypto Payments Noted Despite Market Crash

8:16 am, Fri, 22 July 22

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The first half of 2022 has witnessed a market crash that sent shockwaves throughout the crypto industry. The prices of cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH), plunged below levels no one expected.

The widespread decline caused a lot of commotion in the market, which also resulted in large institutions and retail traders selling off the crypto they owned.

However, skepticism and uncertainty were not the only sentiments in the market. A vast number of Whales and institutional investors also took the price drop as an opportunity to buy the dip and accumulate more Bitcoin.

Now the prices of both BTC and ETH have recovered to some extent or at least surged above important price marks. This has given an optimistic spin to any doubts about the long-term value and significance of crypto assets.

The long-term value of digital currencies may also have been highlighted after the reports that people working in volatile economies have been opting for crypto payments more and more. This is an intriguing development, considering the market crash and the uncertain market movement seen at the moment.

Let’s find out more details below.

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What to Know About Employee Crypto Payments?

The market crash seen this year took the crypto community by surprise and was even distressing for many. However, it has been reported, that people working in countries with unstable economies prefer getting paid in crypto.

The report has been shared by Deel, a global hiring platform. According to the report, crypto represented 5% of all global payments that were withdrawn from this platform. This number has increased compared to what was noted in the second half of 2021.

The firm also revealed in the report that the majority of the people who opted for crypto payments are in countries struggling with volatile economic situations.

Some of the countries included are:

  • Africa
  • Europe
  • Latin America
  • Middle East

The most crypto withdrawals were made from Latin America (67%), followed by withdrawals from African countries (24%).

The focus of these withdrawals has been on Bitcoin, which makes up 47% of the total. The second-most focused choice for the payments was USDC with 29% and then Ethereum at 14%.

The rising inflation is a concern and challenge for several countries in the world. Getting paid in crypto may be a result of the devaluing faced by many fiat currencies.

According to Deel, people usually do not withdraw all their pay in crypto, which can indicate that they are using it as a long-term investment option.

Few Helpful Tips for New Investors

People who are interested in crypto investing but do not have enough information or prior experience can come across a few challenges.

Read: Five Tips for Getting Started in Cryptocurrency

The crypto space is vast and volatile and therefore, also poses a few security risks to the users, especially those who are inexperienced. 

This is why, any new investor, looking to purchase a digital asset needs to know some of the helpful tips mentioned below.

  • Monitor the price movement of the crypto asset you want to buy.
  • Know the right time to invest.
  • Choose a secure exchange that also suits all your needs.
  • Start by investing a small amount.

New crypto investors looking to purchase Bitcoin or Ethereum can click on SwissBorg or Kraken (U.S. citizens).

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