The Biden administration’s March 2022 govt order and recognition of digital currencies on a nationwide scale comes when the U.S. shopper possession and utilization of cryptocurrencies as a viable cost methodology is reaching unprecedented heights. Not solely do 16% of U.S. customers — 41.2 million folks — now personal not less than one sort 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 sort of funding fairly than a cost methodology — however that’s quickly altering amongst a rising cohort of crypto house owners. PYMNTS analysis exhibits 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 might swap retailers if it meant they might pay with cryptocurrency. Primarily high-income millennials use cryptocurrency to purchase all the things from groceries and garments to gaming and leisure subscriptions.
These are simply among 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 research embrace:
• Twenty-three % of customers — 59.6 million folks — have owned not less than one cryptocurrency up to now 12 months, up from 16% — 41.5 million folks — in 2021. Sixteen % at the moment personal cryptocurrencies, with 7% saying they owned them up to now 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 the moment held cryptocurrencies. Cryptocurrency house owners are almost certainly to be millennials and high-income customers.
• Bitcoin enjoys a snug 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 the moment held by survey respondents, 12% of customers 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 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 high cryptocurrencies at the moment held by customers.
• Excessive-income customers and millennials are almost certainly to view cryptocurrency as a cost choice. When requested if cryptocurrencies are a viable cost various, there was a good break up amongst customers as to whether or not they held a impartial or unfavorable view of the expertise. Thirty-six % of customers had impartial or unfavorable perceptions of cryptocurrencies as a cost various. 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 cost methodology.
To study extra about U.S. customers’ rising curiosity in possession and use of cryptocurrency, download the report.