Crypto Crash: See What Arizona Workers Would Have Each Lost if Salaries Paid in Crypto

A recent survey by CouponBirds conducted prior to the recent crash in crypto currencies revealed that the average Arizona employee would have liked to have received 32% of their monthly salary in a virtual currency. The company, which is a provider of consumer information about real-time deals and savings, applied this percentage to the current value of Bitcoin and determined how much each employee would have hypothetically lost had they opted for partial crypto payments from January 2022.

The analysis revealed that each Arizona employee would have made a significant loss on their crypto-based salary – $2,156.26 to be exact. To put it another way, an employee who opted to be paid only in US dollars would have earned $18,510.00 over a 6 month time period, compared to one who opted for a part crypto salary (32%), who would have earned $16,353.74 since January 2022.

When these figures were compared across the country, it appears employees in Montana would have made the biggest losses had they chosen to be paid in crypto. The average respondent wanted 69% of their monthly salary in the form of a cryptocurrency. However, this would have resulted in a $4,375.39 loss, as compared to sticking out a traditional salary payment. On the other hand, employees in Arkansas were the least enthusiastic about converting a portion of their salary to cybercash each month, saying they would consider receiving just 10% of their monthly payment in this form of currency, resulting in a comparatively less painful loss of $575.73 over the past six months.

See the infographic showing crypto salary losses across the country here.

When asked why they would prefer crypto salary payments, 1 in 5 workers said they believed they are more resistant to inflation. Cryptocurrency is often considered a safeguard against inflation, however, as current inflation remains high, and cryptocurrencies have crashed recently, they cannot be considered a long-term inflation-resistant asset.

The poll also found that 29% of employees said they would prefer to receive bonus payments or performance rewards in the form of NFTs. NFTs (non-fungible tokens), are digital assets are collectables created using blockchain technology. These digital assets are traded and bought online, with all linked transactions being recorded on the blockchain. While any person online can view the NFTs, only the buyer themselves has ownership authority.

Lastly, the survey revealed that 19% of respondents said they would be more likely to join a company if the work model was within the metaverse.

Methodology:

Average salary per state, and % from CouponBirds survey used to calculate the portion of crypto wage employees would receive monthly. Bitcoin value taken on 14th of each month since January 2022 to calculate depreciated value of crypto account. CouponBirds then compared the difference between non-crypto employees income as of 14th June, to those who would have been paid a portion monthly in cryptocurrency.