However, the report also detailed why full-scale mass adoption of crypto for payments is still years away from becoming a reality.
Interest in cryptocurrency as a payment method on the rise
Multiple use cases for cryptocurrency exist, including lending and borrowing, store of value, gaming, and tokenization. But to this day, it’s still generally associated more with payments than anything else.
To make the experience as slick as using a Visa debit card, many organizations believe the solution lies in developing appropriate layer 2 infrastructure.
BitPay report shows 46 million consumers would use crypto for payments
It surveyed 8,008 U.S consumers and classified them as either a current crypto user, a former crypto user, or a nonuser. Assumptions on the general population of the U.S. were made by extrapolating the results.
Key highlights of the report include, 16% of the U.S. population either currently own cryptocurrencies or did at one time.
29% of consumers are likely to purchase cryptocurrency, whether they are owners or not. The report also found that all classifications of subjects, user, former user, and nonuser, are keen to own and use cryptocurrencies for purchase in the future.
18% of the adult population is likely to use cryptocurrency to make a purchase, which works out to about 46 million consumers, including 17 million nonowners.
Those who made purchases reported buying a range of things from jewelry to groceries, as well as big-ticket items, including real estate.
Despite strong intentions to use cryptocurrency for payments, PYMTS estimates just 1% of retail sales in the next 12 months will be paid for with cryptocurrency. They say a large gap exists between merchant acceptance and consumer interest.
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