More Retailers Are Preparing To Accept Crypto: Why You Should Buy it Now
Crypto has become mainstream, and with the rise of Bitcoin price lately — it passed its previous all-time high Nov. 2021 record of $69,044.77 earlier this month — combined with the recent approval of spot Bitcoin exchange traded funds (ETFs), more attention is being paid to the space.
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In fact, a new Deloitte report found that, globally, 220 million people use cryptocurrency now. Further, customers are paying for everything with it — from travel to sports tickets to mobile phone services.
In turn, more retailers are preparing to accept crypto. Indeed, the report found that three-quarters of merchants surveyed plan to accept either cryptocurrency or stablecoin payments within the next 24 months. This is not surprising, as 93% of those who currently accept crypto as a form of payment said they have already seen a positive impact on their business’s customer metrics, such as customer base growth and brand perception, per the report.
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Experts Weigh in on Retail Adoption of Crypto as a Payment Method
Alec M. Wantoch, head of product at HyperPlay, said that on top of this broadening trend, PayPal and Venmo are also integrating crypto for payments.
“There’s still some friction when using stablecoins and other tokens for payments, but as more fintech applications like PayPal and Venmo incorporate tools like stablecoins, then I think we will see tokens in general increasingly get used for payments,” he said.
As for customer-focused motivations, 48% said accepting crypto improves their customer experience while 40% said brands that do take crypto are perceived as cutting edge.
“Cryptocurrencies have started to get recognition not only from businesses but also from governments and other regulatory bodies,” said Jaunius Danielius, director of product at Omnisend. “With greater regulation, the skepticism around the cryptocurrency topic becomes much smaller and the market itself is getting more and more stable for investors. So because of broader acceptance by retailers and policymakers, now is a perfect time for people to try using crypto if they ever considered doing this in the past.”
Advantages To Paying For Purchases With Crypto
There are many advantages for consumers who pay in crypto — chief among them speed and convenience.
Yet, some experts argued that beyond the above factors, there is also a cultural element at play.
“Cryptocurrencies, for users and enthusiasts, are more than simply a new currency,” said Richard Gardner, CEO of Modulus, adding that for many, crypto is culturally significant.
“It is, in many ways, akin to consumers who ideologically aim to support small businesses or local businesses — or businesses that agree with their chosen political ideology. There is an intangible advantage to those consumers, beyond just financial advantages,” he added. Gardner argued that now is a good time to buy crypto because, with new investors being onboarded through ETFs, there are more buyers for a finite supply of Bitcoin. This scenario will likely drive the price higher.
Other experts echoed Gardner’s sentiment, saying that the current rally “still has plenty of legs in the long run.”
“And the demand from the new ETFs is only going to accelerate that growth,” said Vijay Marolia, co-founder of The Cash Square. “But volatility won’t disappear — use it as a tool (clearance sale) rather than be scared by it. Start small and dollar cost average your holdings over time. We’re still only at the tip of the iceberg.”
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