“Can I buy coffee with Bitcoin?”
“You can if your merchant takes it.”
Although not much has changed from the merchants’ end, you don’t have to really try to sell crypto to people anymore.
The rallying crypto-market invited many newcomers to invest and with this rising investment, the expectations to use crypto at stores have also risen. In fact, new research seems to suggest that current crypto-users and even non-users are looking forward to “using cryptocurrencies for making purchases in the future,” with many noting disappointment in merchants not already accepting crypto.
According to a research report by PYMNT and BitPay, 18% of the adult population is likely to use crypto for purchase, a percentage that includes 46 million consumers. Interestingly, this chunk of the population also includes 17 million non-owners. As per the report,
“12 percent of consumers (a projected 30 million) currently own one or more cryptocurrencies, 4.5 percent (11.5 million) have owned them in the past and 17 million nonowners may acquire cryptocurrency for making purchases in the near future.”
What’s more, the report also highlighted a major shift in perspective among new users. While earlier with Bitcoin hitting its ATH in 2017, the rush to the crypto-market was dominated by those who wanted to make a quick buck now, new users have assessed the varied uses of crypto and believe it is an option for payments.
The report added,
“Consumers’ comfort level with making purchases using cryptocurrencies is high among current owners but is notably strong with those who have never owned cryptocurrency.”
With new users demanding a more mainstream payment mode for crypto, old users have been buying everything from real estate to groceries using cryptocurrencies. Nearly half the crypto-owners are using crypto to make payments under $100. While millennials account for 48% of the total crypto-using population, only 19% of the population used crypto for payments above $1,000. Baby boomers were found to be highly active in this category.
Needless to say, the most acquired digital asset was Bitcoin, with 82% of current or previous holders holding BTC while 26% only holding BTC.
Ergo, merchants may have to step up their game as there is a large population wanting to transact using digital assets. However, with a lack of regulations and ongoing FUD, crypto and Bitcoin have remained boogeymen. Although the level of awareness is relatively higher than before, the lack of security by governments will hinder crypto from entering the mainstream.
So, next time someone asks you, “Can you…with crypto,” tell them, “Crypto can buy you a mansion, but will your government let you?”
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