Nearly 80% of Crypto Consumers Use Bitcoin to Pay Online and In-Store, Survey shows

Nearly 80% of Crypto Consumers Use Bitcoin to Pay Online and In-Store, Survey shows
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OPINION

Nearly 80% of Crypto Consumers Use Bitcoin to Pay Online and In-Store, Survey shows

Cryptocurrency use in online and in-store purchases. High income millennials are most likely to view crypto as payment option.

04/18/2022

The Biden administration’s executive order and national recognition of digital currencies in March 2022 comes at a time when consumer ownership and use of cryptocurrencies as a viable payment option in the United States is at an all-time high.

Not only do 16% of US customers — 41.2 million people — own at least one sort of cryptocurrency, but 16.1 million have used it to make online purchases in the last 30 days, and 7.1 million have used it to make in-store transactions.

Cryptocurrencies as a Payment Method

Most people still regard cryptocurrency as primarily an investment rather than a payment method, although this is fast changing among a growing group of cryptocurrency owners.

According to PYMNTS data, while around half of cryptocurrency owners use it as an investment, over one-third of consumers who hold or have held cryptocurrency in the previous 12 months say they would switch merchants if they could pay with cryptocurrency. Cryptocurrency is mostly used by high-income millennials to purchase anything from food and clothing to gaming and entertainment subscriptions.

The U.S. Crypto Consumer: Cryptocurrency Use In Online And In-Store Purchases

These are only a few of the results in “The U.S. “Crypto Consumer: Cryptocurrency Use In-Online And In-Store Purchases,” a PYMNTS and BitPay cooperation. In this report, they questioned 2,334 present or former cryptocurrency users and nonusers in the United States to discover more about consumers’ growing interest in cryptocurrencies and their ambitions for bitcoin ownership and use.

More key findings from the study include:

In the previous year, 23% of customers — 59.6 million individuals — owned at least one cryptocurrency, up from 16% — 41.5 million people — in 2021. Sixteen percent presently possess cryptocurrencies, with 7 percent having previously held them but no longer do.

The amount of respondents who possess cryptocurrency has increased by four percentage points since 2021. Last year, only 12% of poll respondents said they were presently holding cryptocurrency. Most cryptocurrency owners are millennials and high-income consumers.

According to PYMNTS research, among the 12 cryptocurrency market participants now owned by survey respondents, 12 percent of consumers possess Bitcoin, 5 percent have had it in the previous 12 months, and 2 percent have held it at some point in time. Furthermore, 74% of consumers who have never held Bitcoin have heard of it, while only 8% have not heard of it. Ethereum and Dogecoin are two more popular cryptocurrencies among users.

High Income Millennials are Most Likely to View Crypto as Payment Option

High-income consumers and millennials are most likely to view cryptocurrency as a payment option. Thirty-six percent of consumers had neutral or negative perceptions of cryptocurrencies as a payment alternative, based on the report.

Only 28% were positive, however this percentage rises among millennials and consumers earning more than $100,000. Cryptocurrency was seen positively by 48% of millennials and 32% of high-income consumers as a viable payment method.

By Elah Mae Ariate Wozinga Staff

Do you want to use Bitcoin to Pay Online and In-Store transactions?

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