Survey finds 93% of Americans want to pay with cryptocurrencies

Two-thirds of current and former cryptocurrency holders acquired them to conduct transactions, and 92.6% of coin holders would consider making purchases with them in the future. The results of a опроса, initiated by payments processor BitPay and news aggregator PYMNTS.

The poll surveyed more than 8,000 adult respondents in the United States.

The survey found that comfort with paying in cryptocurrency is particularly high among those who have never owned it. 57% of former or current digital-asset holders made at least one such purchase in the past year, and 59% of consumers who do not own coins are interested in such purchases in the future.

According to PYMNTS, this demonstrates that consumers view cryptocurrencies as a reliable payment method.

The survey showed that digital currencies are primarily owned by young men with middle incomes. In percentage terms, holdings by coin owners are distributed as follows:

• 27.6% [simple_tooltip content=’1981–1995 birth years’]millennials[/simple_tooltip];
• 19.7% [simple_tooltip content=’1996 and later’]zoomers[/simple_tooltip];
• 16.7% [simple_tooltip content=’1965–1979’]Generation X[/simple_tooltip];
• 5.2% [simple_tooltip content=’1946–1964’]baby boomers[/simple_tooltip] and [simple_tooltip content=’1945 and earlier’]older people[/simple_tooltip];
• 16% middle-income users (earning $50,000 to $100,000 per year);
• 15% men;
• 8.5% women.

Nearly a quarter of current or former cryptocurrency holders used it to purchase groceries and retail goods, as well as in online gaming, gambling, streaming services, or financial services.

Seventy-eight percent of millennials who do not own cryptocurrency are interested in buying at least one type of product, behind only the 82% of zoomers.

The five main categories for which millennial current and former holders might consider paying with crypto are travel and leisure (62%), real estate (60%), professional services (58%), furniture and appliances (57%), and financial services (56%).

69% of respondents invested in altcoins. Ownership of digital currencies is particularly high among zoomers. Bitcoin is the most purchased coin — held by or previously held by 82% of respondents.

Other coins are less popular. Ethereum is known to only 13% of non-owners. As for Dogecoin, despite recent hype, only 18% know it.

Nearly three-quarters of consumers view cryptocurrencies as an investment opportunity. More than 60% of current and former holders acquired them to transact. A third of consumers cited their lack of popularity, most frequently among baby boomers and older people — 39%. 25% of respondents fear high volatility.

51% of asset holders are more likely to make purchases at merchants that accept them as a payment method. The study shows that 55% of past and current holders find paying with crypto online easy. 59% of non-owners are interested in purchasing at least one product with their use.

Collectively, 46 million U.S. consumers (18% of the adult population) say they are likely to make at least one crypto purchase in the coming year. Analysts at PYMNTS estimate these transactions could total up to $55 billion in consumer spending.

They estimate that purchases using digital currencies could account for roughly 1% of retail sales over the coming year.

As reported in CNBC’s recent survey, at least 25% of their wealth is in cryptocurrencies. More than a third of wealthy young investors hold at least half of their wealth in digital assets.

Follow ForkLog news on Telegram: ForkLog Feed — the full stream of news, ForkLog — the most important news, infographics and opinions.