The majority of freelancers worldwide are showing a preference for receiving their income in cryptocurrencies and stablecoins, according to a recent study conducted by Zero Hash in partnership with Lightspark. The survey, which polled 2,500 freelancers and contractors from the US, Brazil, Argentina, Mexico, and the UAE, found that 93% of respondents are interested in incorporating crypto and stablecoins into their payment options.
One of the key reasons for this preference is the frustration experienced by freelancers with traditional payment methods. Two-thirds of freelancers reported difficulties with foreign exchange issues, which make it challenging for them to accept jobs from clients in different countries due to currency and exchange rate differences. The study suggests that receiving payment in crypto would not only solve this problem but also enable freelancers to work with clients from around the world.
The study also highlights a growing interest among freelancers in using cryptocurrencies and stablecoins for subscription payments. A significant number of freelancers expressed a preference for receiving stablecoin payouts over their local currency, with countries like Argentina and the UAE showing particularly high demand for this payment option. Additionally, many freelancers are interested in using crypto or stablecoins for subscription services like Netflix, Spotify, and ExpressVPN.
The research found that slow payments and high fees associated with traditional payment methods are prompting freelancers to explore alternative payment options like cryptocurrencies. Nearly half of freelancers experience delays in receiving payments, with a significant portion expressing a desire for real-time payments. This delay in payments not only disrupts freelancers’ cash flow and financial stability but also hinders their ability to reinvest in their businesses.
Interestingly, a considerable number of freelancers worldwide have already been paid in cryptocurrencies such as Bitcoin, Ethereum, and USDC, indicating that the adoption of crypto payments is already underway among freelancers. This trend is further supported by a separate survey that revealed overseas companies, particularly in the UAE, are increasingly offering cryptocurrencies like USDC as a payment option for their employees to streamline cross-border transactions and mitigate exchange rate fluctuations.
While overseas companies are embracing crypto payments, US companies appear to be more cautious in adopting these initiatives. Nevertheless, the growing interest and adoption of cryptocurrencies among freelancers and companies worldwide suggest that crypto payments are becoming a preferred choice for many in the global workforce.
