In March 2022, the administrative authority of the current President of the United States, Biden, issued an executive order accepting the adoption of cryptocurrencies on a public scale. This order comes at a time when the United States consumer possession and utilization of digital currencies as a suitable form of payment is growing at an increased pace.

Presently about sixteen percent of American shoppers possess at least one sort of digital currency, 16.1 million have utilized digital monetary forms to buy virtual products over the past thirty days, and 7.1 million have utilized it in making in-store purchases within the said time.

A majority of people see digital currencies mainly as an investment instead of a payment form. However, this concept is quickly changing amongst developing owners of digital currencies. PYMNTS research reveals that although about 50% of the people who possess ownership of digital currencies utilize it for investment purposes, almost 33% of purchasers who own or have owned digital currencies within the last year have confessed to wanting to switch traders assuming it implied that they could make payments with their cryptocurrencies. Individuals between the ages of twenty-six to forty-one, who are high-income earners use digital currencies to purchase anything, from food and clothing to games and entertainment.

Three Fundamental Analyses Generated from the Report

About 23% of purchasers, which is roughly 59.6 million individuals, have had possession of a minimum of one digital currency in the last twelve months. This figure is up from 16% in 2021. 16% currently possess ownership of digital currencies, and about seven percent claimed to have owned them previously but not currently. In 2021, just about twelve percent of study respondents revealed that they, at present, owned digital currencies.

Bitcoin is an expert pioneer in market acknowledgment and client penetration. PYMNTS survey observed that amongst twelve players in the digital currencies commercial space presently owned by study respondents, twelve percent of purchasers owned Bitcoin, five percent had it within the past year and two percent have had it at some point. Additionally, seventy-four percent of purchasers who have never owned Bitcoin knew about it, while eight percent confirmed to have known nothing about the currency. Ethereum and Dogecoin are currently among the top digital currencies owned by purchasers.

When inquired whether digital currencies are a practical payment option, there was an almost evenly split response amongst purchasers. 36% of purchasers had neutral or negative views on the utilization of digital currencies as a payment option. 28% had a positive response, however, these responses were between millennials and high-income earners. 48% of millennials and 32% of top-level earners viewed digital currencies as a positive payment option.

Conclusion

In the research conducted by PYMNTS and BitPay, released in a report titled – The U.S. Crypto Consumer: Cryptocurrency Use in Online and In-Store Purchases, 2,334 present or previous cryptocurrency users and nonusers in America were reviewed. This was done to gain an in-depth understanding of the developing interest of consumers in digital currencies and their plans for owning and utilizing these currencies.