Cryptocurrencies have taken the world by storm. Now, almost everyone has heard of cryptos, especially Bitcoin. Many have argued that Bitcoin could soon achieve the ‘supreme status’ as a credible store of value, and the exponential developments supporting its mass adoption second this notion. Bitcoin could topple Gold and take the number one spot in the next few years.
According to a recent survey conducted by BlockCard and Bitcoin Market Journal, about 70% of the people in the Bitcoin market are actually using it for payments as opposed to HODLing and waiting for it to appreciate. BlockCard is an issuer of crypto debit cards while Bitcoin Market Journal is a popular website for blockchain-focused investors.
A Break From The Popular Belief
However, Bitcoin as a digital asset doesn’t mean it’s just for use as a store of value. In fact, it started as a currency, and so many people and businesses have already adopted it as a digital currency. While many investors tout is as a store of value, the current market surveys reveal a break from this belief. Many business enterprises are now accepting crypto payments. There are now close to 10,000 Bitcoin ATMs in operation. Schools, coffee shops, and other institutions are accepting BTC payments.
The survey covered over 35,000 investors and the results showed that 70% of them have spent cryptos in the last one year as opposed to HODLing. The expenditures range from food, entertainment, transportation, education, clothing, and exchange into other cryptos.
Bitcoin Adoption Driving Expenditure
This shows that cryptos like Bitcoin are no longer a small part of the global economy.
Bitcoin is already being accepted for use in many everyday channels of currency expenditure like shops and restaurants. This adoption has provided more channels for enabling its use. The advent of crypto debit cards clearly indicate that effect.