A recent survey conducted by The Student Loan Report shows that 21.25% of college students are using their education loans to invest in cryptocurrency, while some employers are paying their workers using Bitcoin. Even when bitcoin prices are moving up and down.
The upward trend of Bitcoin prices last year seem to have got on the nerves of many US students with 1 out of 5 US students taking refunds from education loans to invest in Bitcoin. Once the education loan is paid to schools, the refund is given back to the student for their living expenses. Once it’s in the student’s hands there is no follow up on how one spends the cash. That is why some have decided to take the risk and invest in Bitcoin. The main aim of these investments is to reap the benefits once they sell the currency. Then to use the cash to clear their student loans and any surplus can be used to start off in life.
For employees, it is quite nice to see their employers have warmed up to the idea of paying them in Bitcoin. For example, BitPay Company has a dedicated payroll app where its employees set a certain percentage of their salaries to be paid in Bitcoin. For instance, Beaudry one of BitPay employees has set a percentage of his weekly salary to be paid in Bitcoin. Other employees in BitPay have set to get 100% of their salaries in Bitcoin. Apart from BitPay, other companies such as Tokyo-based Company GMO Internet Inc and Danish digital service designer and development provider SC5 are also paying their employees in Bitcoin.
Freelancers have also joined the cryptocurrency bandwagon and are offering their services and accepting Bitcoin as payment. For sites like Coinality, they connect freelancers with employees who will pay in cryptocurrencies such as Dogecoin, Bitcoin, and Litecoin. Similarly, Cryptogrind allows freelancers to market their services and get paid in Bitcoin.
The more businesses start to accept cryptocurrency payments, the more people are likely to get paid in Bitcoin or any other cryptocurrency available. But one may ask, do these people care about the volatility of cryptocurrency now that Bitcoin prices have dropped. The upward trend of Bitcoin prices late last year still seems to be encouraging more people to get involved in cryptocurrency. Many investors believe that Bitcoin will regain in price and even go beyond the $20,000 mark this year hence more people are likely to invest in cryptocurrency.