The acceptance of digital currencies as a means of payment would seem to be something that professionals at the vanguard of crypto innovation and technology would actively promote, but a report has revealed that this is not the case at the moment.

A recent study by the crypto hedge fund Pantera Capital found that 97% of those who advocate for cryptocurrency as the "future of money" actually prefer to be paid in fiat currencies like US dollars, Nigerian naira, and others.

The assumption is that those who work in the business will show this adoption, even if cryptocurrencies as a concept are still in their infancy and have a long way to go before being widely adopted.

But now that it has come to light that some in the sector still do not trust it as a payment mechanism enough, the road to widespread acceptance may be longer than we initially expected.

Details about the Pantera Capital report 

The annual blockchain compensation survey, published by cryptocurrency hedge fund pantera Capital in the final week of September, explores the working conditions of the Web3 workforce around the world.

Over 25 "geographically distributed startups" from North America, Latin America, Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC) contributed 1,600 responses to the poll. The majority of responders (40.7%) and CeFi (26.1%) were from cryptocurrency exchanges including Binance, Coinbase, and Kraken.

The report's main finding is that 97% of these participants prefer to be paid in conventional currencies like USD, NGN, and EUR. 


Another stablecoin, USDT, is in second position with 25%, and the leading digital asset, Bitcoin, is in third with 13%.

The Pantera Capital analysis states: "Given the state of the market, the global workforce has lost some interest in receiving payment in crypto currency." 

Why won't employees accept crypto currency payments?

It is surprising that many sector employees still want to get paid in traditional fiat currencies rather than the digital assets they help create and promote in a world that is quickly adopting crypto currencies.

The worry about volatility is one of the causes of this. cryptocurrencies' price volatility is well-known. Many workers are apprehensive about having their entire pay dependent on the erratic changes in digital assets. They favor the steadiness that fiat currencies provide.

Additionally, tax laws governing crypto currencies can be complicated and differ from one jurisdiction to the next. Some workers choose fiat payments over cryptocurrency wages to avoid any potential tax issues.

Furthermore, not every person working in the cryptocurrency sector is an experienced trader or investor. Some workers could choose fiat compensation because they are more accustomed to them and may not fully comprehend how to manage cryptocurrency holdings.

How can employers encourage more employees to get their pay in cryptocurrency?

Offering pay in stablecoins like USDC or USDT, which are indexed to the value of fiat currencies, is one method to solve the worry about volatility. This can give employees access to cryptocurrency advantages while reducing price swings.

Additionally, addressing concerns by offering brief and clear counsel on the tax ramifications of crypto revenue will help. To make sure staff have the knowledge needed to abide by tax laws, employers might work with tax specialists.

Additionally, providing extra incentives like bonuses or discounts to workers who choose to receive their salary in cryptocurrency might promote adoption.

In conclusion, it is understandable that employees in the crypto business are reluctant to accept payment in digital currency. However, the sector might gradually move towards broader acceptance of cryptocurrency payments with careful solutions and activities.

Disclaimer: We don,t provide any Investment advice.