Study finds 60% of US crypto investors willing to spend with cryptocurrency

Sixty per cent of US digital asset holders say cryptocurrencies are suitable for everyday purchases, despite existing barriers. The findings come from a joint study by the payments platform BitPay and the news aggregator PYMNTS.

Report: Nearly 60% of consumers want to buy stuff with crypto https://t.co/WdDY6xne99 pic.twitter.com/27Rb3hDMC9

— PYMNTS (@pymnts) August 3, 2021

Researchers polled 8,008 US residents, including those with and without experience of buying and storing cryptocurrencies.

The primary motivation for payments in digital assets was the prospect of safer and more private purchases. A positive response was given by 60.1% of crypto investors and 22.5% of those who do not own digital assets.

Other reasons — the prospect of payments in digital assets by default, and using gains from crypto appreciation for large purchases — attracted slightly fewer positive responses.

The option of a hypothetical loan to purchase a product attracted more than half of non-crypto investors and one in six crypto-asset holders.

Sixty percent of cryptocurrency holders would be attracted by the possibility of discounts and loyalty points. Among those without digital assets, these shares were 22.8% and 21.5% respectively.

Among non-crypto investors, three-quarters of respondents cited insufficient knowledge about the subject — how to buy digital assets and what tax implications may arise.

The second most-mentioned reason was limited wider adoption of cryptocurrencies (33.3%). Other reasons included high volatility (25.2%), a “bad” investment (22.4%), unclear legal status (16.6%), and a lack of understanding of what digital assets are in principle (8.1%).

In June, a survey of organisations found that two-thirds of current and former holders of digital currencies acquired them to conduct transactions, and 92.6% of coin holders would consider using them for purchases in the future.

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