The Biden administration’s March 2022 government order and recognition of digital currencies on a nationwide scale comes when the U.S. shopper possession and utilization of cryptocurrencies as a viable fee technique is reaching unprecedented heights. Not solely do 16% of U.S. customers — 41.2 million individuals — now personal a minimum of 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 customers nonetheless see crypto mainly as a kind of funding quite than a fee technique — however that’s quickly altering amongst a rising cohort of crypto homeowners. PYMNTS analysis reveals that whereas roughly half of the customers who personal cryptocurrency use it as an funding, almost one-third of customers who maintain or have held cryptocurrency within the final 12 months say they’d swap retailers if it meant they may pay with cryptocurrency. Primarily high-income millennials use cryptocurrency to purchase every little thing from groceries and garments to gaming and leisure subscriptions.
These are simply a number 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 customers’ rising curiosity in cryptocurrency and plans for possession and use of cryptocurrency.
Extra key findings from the examine embody:
• Twenty-three % of customers — 59.6 million individuals — have owned a minimum of one cryptocurrency previously 12 months, up from 16% — 41.5 million individuals — in 2021. Sixteen % at present personal cryptocurrencies, with 7% saying they owned them previously however don’t now. The share of customers proudly owning cryptocurrencies in 2022 has elevated 4 share factors from 2021. Final 12 months, simply 12% of survey respondents reported that they at present held cryptocurrencies. Cryptocurrency homeowners are most definitely to be millennials and high-income customers.
• Bitcoin enjoys a cushty lead above all different cryptocurrencies relating to shopper utilization and consciousness. Bitcoin is a transparent market chief in recognition and consumer penetration. PYMNTS’ analysis finds that amongst 12 gamers within the cryptocurrency market at present held by survey respondents, 12% of customers maintain Bitcoin, 5% have held it within the final 12 months and a pair of% have held it in some unspecified time in the future in time. Additionally, 74% of customers who’ve by no means held Bitcoin have heard of it, and simply 8% mentioned they haven’t heard of Bitcoin. Ethereum and Dogecoin are additionally among the many prime cryptocurrencies at present held by customers.
• Excessive-income customers and millennials are most definitely to view cryptocurrency as a fee possibility. When requested if cryptocurrencies are a viable fee different, there was an excellent break up amongst customers as to whether or not they held a impartial or destructive view of the know-how. Thirty-six % of customers had impartial or destructive perceptions of cryptocurrencies as a fee different. Simply 28% expressed a optimistic view, however this share will increase amongst millennials and customers incomes greater than $100,000. Forty-eight % of millennials and 32% of high-income customers positively considered cryptocurrency as a viable fee technique.
To study extra about U.S. customers’ rising curiosity in possession and use of cryptocurrency, download the report.