• There has been a sharp rise in Argentinians choosing to work for companies that pay them in crypto rather than fiat.
• The number of Argentines who use platforms to collect pay in crypto has grown by 250%.
• The average salary for Argentinian freelancers who use the platform is $3,000, far exceeding the average local salary of just $181 a month.
The world of cryptocurrency has been rapidly evolving over the past few years, and it’s becoming increasingly popular in Argentina. In fact, a new report has shown that there has been a sharp rise in Argentinians choosing to work for companies that pay them in crypto rather than fiat.
Jonathan Chester, the CEO of Bitwage, revealed that in the past year the number of Argentines who have used the platform to collect pay in crypto had grown by 250%. Criptonoticias added that the growth in crypto pay-receiving workers “may be even higher if other payment [methods and platforms] are also taken into account.”
Bitwage noted that Argentinian freelancers who use the platform are earning “around $3,000,” with higher-earning individuals making “up to $5,000,” a pay package that “far exceeds the average local salary.” This is particularly impressive considering that minimum-wage workers in Argentina can expect to make just $181 a month – a figure that is exacerbated by the nation’s crippling hyperinflation.
Inflation in Argentina hit 94.8% in 2022, according to figures released last month by the nation’s economy ministry. This is the highest recorded anywhere in the world in 2022, and the nation’s highest since 1991. This hyperinflation – and the government’s attempts to cap USD-buying behaviors – are likely some of the main reasons why Argentinians are increasingly choosing to get paid in crypto.
Crypto is an attractive option for Argentinians because it allows them to maintain the value of their earnings, and it also gives them the freedom to spend their earnings as they choose. It’s also becoming much more mainstream, with more businesses beginning to accept crypto as a viable payment option.
Overall, the increasing popularity of crypto in Argentina is a sign of the times. As the crypto industry continues to grow and become more widely accepted, it’s likely that we’ll see more and more people turning to crypto as a way to escape the effects of hyperinflation.