Consumer interest in cryptocurrency is on the upswing. The percentage of consumers who held crypto at some point during the year rose to 23% in 2021 from 16% in 2020.
Despite gaining traction in recent years, the crypto acceptance rate at many retailers is still quite low. In addition, the sharp decline in the investment value of bitcoin and other key cryptocurrencies raises questions about when the financial markets will be ready to resume investing in crypto.
As it currently stands, 46% of merchants say they have integrated crypto into their mix of accepted payment methods, although most purchases that use cryptocurrency are made with digital wallets. Moreover, big retailers are ready to get paid in crypto. Eighty-five percent of businesses with more than $1 billion in annual online sales say they accept payments from providers that support crypto-based transactions, such as PayPal and Venmo.
These are just some of the key findings in “Paying With Cryptocurrency: What Consumers And Merchants Expect From Digital Currencies,” a PYMNTS and BitPay collaboration. We surveyed 2,334 consumers and investors between Feb. 22 to March 2 to evaluate what makes cryptocurrencies appealing to consumers and merchants. We also surveyed 202 merchants with annual online sales of at least $250 million from March 3 to March 15 about their experiences accepting cryptocurrency as a payment method.
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