EXCLUSIVE: Is crypto just for speculation? More Americans Use Crypto for Shopping Than You Think – Bitcoin (BTC/USD), Ethereum (ETH/USD)
Cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD enjoyed more than 1200 times since end of 2012.
Yet, it is not difficult to find crypto-bashing content on the internet today, with many believing that cryptocurrencies have no intrinsic value as they are not useful for day-to-day payments.
Despite the fact that cryptocurrencies like Bitcoin have been among the best performing assets over the past decade, critics are certain that the entire crypto ecosystem is rife with speculative activity.
The ongoing crypto winter breathed new life into those sentiments as the entire cryptocurrency basket crashes to their lowest levels in over two years.
However, a November Benzinga survey of crypto investors in the United States provides startling insights into the use of cryptocurrencies in real-world transactions.
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Of the 269 respondents, 55.1% confirmed having made at least one purchase using cryptocurrencies.
In fact, with data from Pew Research showing that over 16% of Americans have invested in cryptocurrencies, we could see an increase in crypto used for physical purchases as more crypto investors turn into regular users.
Companies like Microsoft, Home Depot, and Starbucks recognize the potential of crypto’s large user base.
With around 27 million U.S. crypto investors, crypto spending and businesses accepting crypto as payments are likely to grow in tandem.
By applying the insights from the Benzinga survey and extending it to the rest of the world, we could see this trend getting even stronger.
Countries like Thailand, Turkey, Philippines, Vietnam, India, Singapore, Brazil, and the United Arab Emirates boast even higher penetration of cryptocurrencies among their adult population and could see an increase purchases made using cryptocurrencies.
Additionally, the crypto ecosystem today is made up of thousands of cryptocurrencies, other digital assets like non-fungible tokens (NFT) and hundreds of decentralized applications (DApps), further increasing the number of use cases.
With the Boston Consulting Group (BCG) predicting that the number of Bitcoin users will cross the billion mark by 2030, crypto critics may need to prepare for potentially explosive growth in global crypto-based purchases in coming years.
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