Will a Quarter of Global Businesses Accept Crypto by 2024?

Paigambar Mohan Raj
Source: Binance

Businesses around the world have already begun adopting Bitcoin and other cryptocurrencies as forms of payment. Not only that, even nation-states are looking at crypto as a legal form of cash. So far, only El Salvador has legalized Bitcoin (BTC) as a legal tender.

Checkout.com, an international payments platform, has produced a report that looked at adoption trends in the growing asset class by surveying 30,000 consumers and 3,000 retailers around the world. The report was unveiled at the Bitcoin 2022 conference held in Miami.

According to the statistics, 40% of customers aged 18 to 35 intend to use crypto assets to pay for products and services in the coming year, up from less than 30% the previous year. Furthermore, by 2024, 23% of online firms plan to use cryptocurrency as a payment method.

Furthermore, the survey emphasized the level of satisfaction among merchants that have previously adopted cryptocurrency as a payment method. Almost 80% of merchants reported that settling payments with cryptocurrency assets was much easier than with traditional fiat currencies.

Jess Houlgrave, Head of Strategy for Crypto at Checkout.com, said,

“We believe this is the largest consumer survey of its kind, and the findings present a clear evolution of attitudes towards cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to one that’s more practical, pragmatic, and positive overall.”

Global crypto adoption

The use of digital currencies is fast increasing all around the world. Crypto.com issued a survey on the global cryptocurrency ecosystem earlier this year, estimating that there are more than 300 million cryptocurrency users worldwide. By the end of 2022, the number is predicted to exceed one billion.

Other cryptocurrencies, apart from Bitcoin (BTC), have also seen a lot of adoption cases. Shiba Inu, one of the most popular tokens, expects to expand to more than 1000 businesses accepting SHIB by 2023.

In addition, as the use of digital assets grows, so does interest in NFTs, Metaverse, and Web3.