Employees from all over the world are massively choosing cryptocurrencies to receive their salaries

Political and economic tensions around the world are forcing workers in various industries to choose cryptocurrency as a way to receive their salaries. In this way, people hope to insure their funds against all kinds of instability, said Michael Brooks, co-founder and CEO of goLance.

Among the factors that provoked a sharp increase in the payment of salaries in cryptocurrencies, Brooks highlighted the recognition of digital assets as legal methods of payment, the growth of users' awareness of blockchain, and new technological developments.

«Some regions that are experiencing political instability, hyperinflation, or problems in the financial system are using cryptocurrencies as an alternative means of transaction,» Michael Brooks emphasized.

According to the CEO of goLance, in 2021, goLance made less than 5% of payments in cryptocurrency to employees, 10% in 2022, and 17% in 2023.

As a reminder, when the inflation rate in Turkey reached its highest level in 24 years last July, amounting to more than 78% for the year, the country’s citizens massively invested their savings in cryptocurrencies. In this way, the Turks hoped to protect their financial situation. A similar position is held by residents of Argentina, who, due to rising inflation in the country, are seeking to invest their savings in crypto assets.