The report, “The U.S. Crypto Consumer: Cryptocurrency Use In Online And In-Store Purchases,” was published earlier this month in the wake of an Executive Order from President Joe Biden detailing the federal government’s new, holistic approach to digital currencies. “The Administration will continue work across agencies and with Congress to establish policies that guard against risks and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with the private sector to study and support technological advances in digital assets,” according to the White House.
Per the report, 16% of U.S. consumers own cryptocurrency. Moreover, 16.1 million users reported making an online purchase with it within 30 days of the survey and 7.1 million said they did so in a physical store. “The Biden Administration’s recognition of digital currencies on a national scale comes at a time when United States consumer ownership and usage of cryptocurrencies as a viable payment method is reaching unprecedented heights,” it reads.
According to information from the surveyors, though, there are still some obstacles in the way of more mainstream usage of digital currencies. For example, unfamiliarity with cryptocurrency and its underlying tech continues to hinder its acceptance.
As such, the report indicates that close to 60% of consumers who chose not to deal in cryptocurrency are reluctant to do so due to a lack of knowledge about the digital coins. That lack of knowledge was the top barrier to ownership identified in the report.
"If Elon Musk is able to buy Twitter it will accelerate the Cryptocurrency adoption curve by 2 years or more. Spam bots will be gone, artificial engagement throttling will be gone and 100+ million new & returning users will be quickly added to the platform."
Overall, the report painted a promising picture for the future of digital currency as a medium of exchange in the U.S.
“Nearly one-third of cryptocurrency holders have used it to make purchases, yet many of these consumers still use credit and debit cards to make online and in-store purchases," reads the report. "This indicates the untapped potential of crypto owners who would use it to make purchases.”
"Cryptocurrency usage is soaring in Nigeria, owing to the country’s restricted access to affordable fiat-based financial services. Many Nigerian residents have begun to use cryptocurrencies as a viable alternative to store and transfer assets. #CryptoUpdate"
Bitcoin was extremely popular among consumers opting to shop with digital currencies. Close to 80% of those who used crypto to shop chose Bitcoin as the preferred medium. Additionally, cryptocurrency wallets proved to be the go-to method to execute such a transaction, it adds.