New Jerseyans losing interest in crypto following recent crash, finds survey

the staff of the Ridgewood blog

Ridgewood NJ, a recent survey by CouponBirds conducted prior to the recent crash in crypto currencies revealed that the average New Jersey employee would have liked to have received 43% of their monthly salary in a virtual currency. However, since the recent crash in crypto currencies, which has seen the value of Bitcoin drop by 57.01% since January, it appears New Jersey workers’ enthusiasm for crypto currencies has cooled.

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.

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.

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.

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.