The research surveyed a cross-section of 2,000 crypto owners living in the US and UK
According to Paysafe, 55% of crypto owners – rising to 60% of 18-24 year olds – would rather get paid their salary in cryptocurrency.
The top reasons for this include people seeing cryptocurrencies as a smart investment, believing that they’ll likely get paid in it soon anyway, and greater financial flexibility.
Interestingly, over half of crypto owners agree that cryptocurrency is the future of finance and will take over as the dominant form of international currency.
This was also the primary motivation for owning crypto in the first place, ahead of making money from trading or investing.
Besides, 70% of people admitted to having doubts about investing in crypto at some point since they started trading. In fact, 49% of all crypto owners have cashed out either some or all of their cryptocurrency assets at some point as a result.
According to crypto owners, payments hold the key to mass crypto adoption. The top reason for not wanting to be paid in cryptocurrency is that it can’t be used to make payments widely enough at present (24%).
In addition, 22% of all crypto owners said they would invest more in crypto if more retailers accepted it as a form of payment, and 17% said the same if more countries accepted cryptocurrencies as legal tender.
Overall, 59% of respondents agree that the lack of real-world applications for cryptocurrencies, such as payments, is currently preventing crypto from reaching its full potential.
Despite some of these potential stumbling blocks, crypto owners are optimistic on the timeline to widespread adoption. Indeed, 60% agree that you’ll be able to use crypto to make online purchases with many more online retailers this time next year.
Meanwhile, 47% agree that accepting cryptocurrencies in physical stores will become commonplace within the next 12 months.
Finally, 49% of crypto owners believe that everyone will own cryptocurrency within the next five years.
We’ve reported that MoneyGram partnered Japanese fintech to enable cross-border money transfers.