Many workers in South America are increasingly choosing cryptocurrency-based salaries over the traditional, fiat currency-based mode. This development was confirmed by “State of Global Hiring 2021”.
International recruitment company Deel released its report this month. We are quite interested to learn about the rise in preference for cryptocurrency-based salaries in South America.
We believe this event demonstrates the growing acceptance crypto-assets like Bitcoin and Ethereum are receiving worldwide today in various aspects of human life.
Based on the report posted online by BeInCrypto, which delivers updates and analysis on virtual currencies and the cryptocurrency market, Deel’s “State of Global Hiring 2021” report indicated that more workers are opting to accept parts of their paychecks in cryptocurrency.
These employees particularly select to receive their payments in either Ethereum or Bitcoin. This increasing preference for cryptocurrency-based salaries features 90 percent of virtual currency payments to South America, falling under the two categories.
Moreover, Deel’s “State of Global Hiring 2021” report revealed that freelance employment in South America is massively surging. This event comes as Latin American companies increasingly concentrate their recruitment strategies on global jobs and firms.
The drastic shifts in the working sector are attributed most likely to local economies’ decline and employment opportunities stemming from the COVID-19 pandemic’s after-effects.
Additionally, Deel’s “State of Global Hiring 2021” report cited that in South America, the increasing demand to boost citizens’ financial inclusion rates and promote financial stability has led to this region’s emergence as among the fastest adopter of Bitcoin and other cryptocurrencies.
It took note of the growing cryptocurrency withdrawal volume and emphasized Bitcoin’s popularity throughout South America. As more workers, including freelancers, prefer receiving cryptocurrency-based salaries, Dan Westgarth provided more insights regarding this development.
Deel’s chief operating officer said their group is witnessing a surge in virtual currency withdrawals in South American countries like Argentina. He relayed that Deel presently offers withdrawals in Bitcoin, which is the most popular in South America, Solana, Ethereum, and USD Coin through Coinbase.
We are delighted to learn about South American workers choosing to receive cryptocurrency-based salaries. We believe this trend will spread globally sooner rather than later.
After all, we have observed that Bitcoin and other crypto-assets have become mainstream. We know that cryptocurrency skeptics still abound.
Nonetheless, we think these naysayers will decrease eventually, and cryptocurrencies will soon achieve greater worldwide acceptance in various sectors.
We also believe the freelance job market will continue with its upward rise, since the world of work is truly changing, with technology playing a key role in its modifications.
With these latest events, we think cryptocurrency-based salaries will highly likely become the norm. After all, we agree that virtual assets like Bitcoin are a viable alternative to volatile fiat currencies.
These crypto-assets that are the foundation of cryptocurrency-based salaries are also helpful as they bridge the gap for South American people to have greater access to essential financial services.