Gig workers still go for crypto despite the bear market

Digital Asset Management firm Bakkt’s new survey revealed that 50% of gig workers are comfortable receiving part of their payments in crypto, while 38% said they could consider earning their entire paycheck in digital assets.

Commenting on the survey results that clearly demonstrated crypto’s appeal among gig workers, Bakkt’s Chief Product Officer Nicolas Cabrera said:

“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 currency and are drawn to the potential increase in the value of their wages.”

The study asked 1,018 gig workers from across the US during June and July 2022. The questions aimed to reveal participants’ crypto adoption, feelings and opinions about payments via crypto.

Crypto preference

Among the 50% who said they would be willing to take part of their salary in crypto, freelancers (writers, developers, designers, etc.) have the highest willingness rate at 62%. They are followed by carpool drivers (52%) and grocery shoppers (55%).

Participants gave varying answers to the question about the proportion of salary paid in crypto. 31% of gig workers said they prefer 20% or less of their paycheck to be paid in crypto. 34% said they would get by with 20-40%, while 21% said they would prefer to receive 40-60% of their income in crypto

Crypto appeal

The survey also explored why participants preferred crypto payments. Almost half of participants (49%) said that a potential increase in salary value is the most compelling reason to get paid in crypto, despite the current bear market status.

Another 26% said they preferred crypto payments because they were issued instantly. On the other hand, nearly one in ten (11%) said they see crypto as a long-term investment plan for retirement.

According to the figures, more than half of gig workers said their income was enough to meet their living needs, as opposed to being “nice to have” income. Considering their perception of their gigs, their willingness to get paid in crypto indicates a significant adoption rate among gig workers.

Crypto barriers

The most important barrier to crypto payments emerged in education, at 48%. Only 33% of participants rated their crypto knowledge as above average or very high, while nearly a quarter (26%) said they were more familiar with traditional investment tools.

Another significantly high rated barrier emerged when 34% of participants said they still had to pay their bills in USD. Another 33% said crypto was too volatile and didn’t want to risk reducing their paycheck.