Have New Yorkers Already Given Up on Cryptocurrency?

Cryptocurrency is tanking and the glow it once had seems to have dimmed.

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Last month, Bitcoin suffered some pretty deep losses which left investors and financial experts a bit unsettled. Interestingly, CouponBirds conducted a survey prior to the June cryptocurrency crash that revealed the average New Yorker said they would be fine with receiving 51 percent of their monthly salary in virtual currency.

Had New Yorkers in fact received 51 percent of their salary in cryptocurrency, they would have each lost $4,131 following the recent crash. Now, New Yorkers' enthusiasm has cooled and they aren't just leary about cryptocurrency, but they're backing away from their previous opinion of being paid 51 percent of their salary in a virtual currency.

CouponBirds came to the conclusion that an employee who opted to be paid only in US dollars would have earned $22,495.00 over a 6-month time period however, one who opted to receive part of their salary as cryptocurrency would only have earned $18,363.69 since January 2022 because of the crash. The way CouponBirds came to this conclusion was by taking the average salary per state and the percent from their survey to calculate the portion of crypto wage employees in New York would receive monthly.

When New Yorkers were asked why they would want a percentage of their salary to be paid in cryptocurrency, before the crash, one in five employees said it was their belief that cryptocurrency would be more resilient against inflation. However, in the midst of continuing high inflation and the cryptocurrency crash, it has become clear that it cannot be considered a long-term asset.

Speaking of cryptocurrency, lawmakers in New York passed a bill in June to ban certain bitcoin mining operations that run on carbon-based power sources. The measure now sits on the desk of Governor Kathy Hochul who has the choice of signing it into law or vetoing it. If the measure passes, it would make New York the first state in the entire country to ban blockchain technology infrastructure.