Two-thirds of current and former digital currency holders have purchased them for transactions, and 92.6% of coin holders will consider making purchases with them in the future. This is according to the results of a survey conducted by BitPay payment system and news aggregator PYMNTS.
More than 8,000 adult respondents from the United States took part.
The study found that comfort levels with shopping for cryptocurrencies are particularly high among those who have never owned one. 57% of former or current digital asset holders have made at least one such purchase in the past year, and 59% of non-coin-owning consumers are interested in making such purchases in the future.
According to PYMNTS, this proves that consumers perceive cryptocurrencies as a reliable way to pay.
The survey showed that the digital currency is mostly held by young, middle-income men. In percentage terms, the data on coin holders is distributed as follows:
- 27.6% of millennials;
- 19.7% of zoomers;
- 16.7% of Generation X;
- 5.2% baby boomers and the elderly;
- 16% middle-income users ($50,000 to $100,000 per year);
- 15% men;
- 8.5% women.
Nearly a quarter of current or former cryptocurrency owners have used it to buy products and retail goods, as well as online gaming, gambling, streaming or financial services.
78% of millennials who do not own cryptocurrency are interested in buying at least one type of product, second only to Zummers at 82%.
The top five things that current and former millennial generation cryptocurrency owners would consider paying for 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. The share of digital currency ownership is particularly high among zoomers. Bitcoin is the most purchased coin - 82% of respondents own or have owned it.
Other coins are less popular. Only 13% of those who do not own Ethereum are familiar with it. Dogecoin, despite the recent hype, is only known to 18%.
Nearly three-quarters of consumers view cryptocurrencies as an investment opportunity. More than 60% of current and past holders have purchased them to be able to make transactions. The third most common reason is FOMO (32%).
75% of those surveyed who have never owned digital coins complained of a lack of knowledge. A third of consumers cited their unpopularity. This was most frequently cited by baby boomers and the elderly at 39%. 25% of respondents fear high volatility.
51% of asset holders are more likely to make purchases from a merchant that accepts them as a payment method. The study shows that 55% of past and current coin holders believe paying with cryptocurrencies online is easy. 59% of non-asset holders are interested in purchasing at least one product using them.
Collectively, 46 million consumers in the US (18% of adults) say they are likely to make at least one purchase with cryptocurrency in the next year. These transactions could amount to as much as $55 billion in consumer spending, PYMNTS analysts estimate.
They estimate that digital currency purchases could account for about 1% of retail sales over the next year.
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