The Biden administration’s March 2022 govt order and recognition of digital currencies on a nationwide scale comes when the U.S. client possession and utilization of cryptocurrencies as a viable fee technique is reaching unprecedented heights. Not solely do 16% of U.S. shoppers — 41.2 million folks — now personal not less than one kind of cryptocurrency, however 16.1 million have used cryptocurrencies to make on-line purchases within the final 30 days, and seven.1 million have used it to make in-store purchases in that point.
Most shoppers nonetheless see crypto mainly as a sort of funding somewhat than a fee technique — however that’s quickly altering amongst a rising cohort of crypto house owners. PYMNTS analysis exhibits that whereas roughly half of the shoppers who personal cryptocurrency use it as an funding, almost one-third of shoppers who maintain or have held cryptocurrency within the final 12 months say they might change retailers if it meant they might pay with cryptocurrency. Primarily high-income millennials use cryptocurrency to purchase all the pieces from groceries and garments to gaming and leisure subscriptions.
These are simply a few of the findings in “The U.S. Crypto Consumer: Cryptocurrency Use In Online And In-Store Purchases,” a PYMNTS and BitPay collaboration. On this report, we surveyed 2,334 present or former cryptocurrency customers and nonusers within the U.S. to study extra about shoppers’ rising curiosity in cryptocurrency and plans for possession and use of cryptocurrency.
Extra key findings from the research embrace:
• Twenty-three % of shoppers — 59.6 million folks — have owned not less than one cryptocurrency up to now yr, up from 16% — 41.5 million folks — in 2021. Sixteen % at present personal cryptocurrencies, with 7% saying they owned them up to now however don’t now. The share of shoppers proudly owning cryptocurrencies in 2022 has elevated 4 proportion factors from 2021. Final yr, simply 12% of survey respondents reported that they at present held cryptocurrencies. Cryptocurrency house owners are more than likely to be millennials and high-income shoppers.
• Bitcoin enjoys a snug lead above all different cryptocurrencies relating to client utilization and consciousness. Bitcoin is a transparent market chief in recognition and person penetration. PYMNTS’ analysis finds that amongst 12 gamers within the cryptocurrency market at present held by survey respondents, 12% of shoppers maintain Bitcoin, 5% have held it within the final 12 months and a couple of% have held it sooner or later in time. Additionally, 74% of shoppers who’ve by no means held Bitcoin have heard of it, and simply 8% stated they haven’t heard of Bitcoin. Ethereum and Dogecoin are additionally among the many high cryptocurrencies at present held by shoppers.
• Excessive-income shoppers and millennials are more than likely to view cryptocurrency as a fee choice. When requested if cryptocurrencies are a viable fee different, there was an excellent cut up amongst shoppers as to whether or not they held a impartial or unfavourable view of the expertise. Thirty-six % of shoppers had impartial or unfavourable perceptions of cryptocurrencies as a fee different. Simply 28% expressed a constructive view, however this share will increase amongst millennials and shoppers incomes greater than $100,000. Forty-eight % of millennials and 32% of high-income shoppers positively considered cryptocurrency as a viable fee technique.
To study extra about U.S. shoppers’ rising curiosity in possession and use of cryptocurrency, download the report.