One of the best indicators for the state of a market lies in social proof, and it’s no different when it comes to cryptocurrency. Though some say the Bitcoin bubble is set to burst, that doesn’t take into account the fast rate of adoption of literally hundreds of other cryptocurrencies in the market from people across the world.
Probably the biggest indicator of cryptocurrency social proof is how the digital currency is being used to not only pay for real-life goods and services, but is also being adopted by commercial enterprises, financial institutions and many others besides.
For instance, Japan has fallen in love with digital currencies, with the nation even having its own band called the Virtual Currency Girls designed to educate the public about digital currencies in their own unique ways. So entrenched is Bitcoin in daily life in the East, too, that companies are even trialling paying their staff with digital currency.
Why more and more people are owning cryptocurrency wallets
Early this year the GMO Group, a Japanese internet firm, has given the option to its 4,000+ employees that they can receive a portion of their salary in Bitcoin should they so wish. Some have labelled it as a marketing stunt designed to catapult the GMO into the public eye at a time when interest in the cryptocurrency it at its height.
Others, though, believe that it will be a popular move on GMO’s part precisely because of that high interest. Should an employee agree and hold onto their Bitcoin while its value rises, some point out, then they could end up being much better off financially, showing GMO as a forward-thinking company that has their employees’ best interests at heart with such incentives.
GMO aren’t the only company in the world offering cryptocurrency to their employees either. Many are doing it; so much so that it has helped to birth platforms such as Bitwage, designed to help people and companies convert salaries into digital currencies for their cryptocurrency wallets.
Is getting paid in cryptocurrency the future?
Bitwage has seen thousands of people sign up to its platform expressly to convert their wages into digital currencies, with founder Jonathan Chester saying “These days a lot of people are looking to get part, and sometimes all of their salary paid in Bitcoin.”
With Bitcoin’s value remaining high and other cryptocurrencies growing, it’s not hard to see why. 2017 saw Bitwage transfer $30million worth of wages for 20,000 users in the US, Europe, Latin America and Asia. Chester also points out that he feels people are wishing to accumulate digital currency no matter its value or whether it’s the right time to buy.
Whether the trend catches on and grows throughout the world over the years we’ll have to wait and see. Regardless, it shows why so many people are keen to own digital currency wallets and accumulate digital currencies of all kinds, whether they see it as a viable investment opportunity or not.
If you’d like to learn more about digital currencies, wallets, how adopting them can help grow your business and other trends relating to cryptocurrencies, contact a Fibonatix consultant today.