This Is How Long You Need to Work to Buy 1 Bitcoin
Even though Bitcoin has lost over 50% of its value over the last year, 1 single BTC still costs more than most Americans make in over six months.
BanklessTimes.com have compared the current trading price with the average monthly income in different countries to see how long time each person would have to work to afford a single Bitcoin.
Here is the list:
|Country||Av. working hours to buy 1 BTC|
|United States||6.1 months|
|United Arab Emirates||6.3 months|
|United Kingdom||8.3 months|
However, richer countries are actually less likely to adopt cryptocurrency than poorer ones. For example, three times more Nigerians own or use crypto than Swiss citizens, despite earning 36 times less.
It would take the average Nigerian about eleven and a half years to buy a single Bitcoin, while a Swiss worker (earning over $6,000 per month after tax) could buy a Bitcoin with less than four monthly wages. Yet, according to a recent global report, 63% of Nigerians say crypto is the future of money, and 42% own or use it, while just 16% of people in Switzerland do.
“This data helps put the price of Bitcoin in perspective. People are not generally buying into crypto because it is an easy investment, or necessarily affordable to them, but because they believe it is the future of money — and that it will help thrive long term,” said Jonathan Merry, CEO of BanklessTimes.com.
You can read the full research here.
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