Cryptocurrency accounted for $6.1 billion in transactions globally in 2021, a 177.3% jump from $2.2 billion the previous year, according to a report by Insider Intelligence/eMarketer.
It is projected that crypto transactions will reach $16.16 billion in 2023, and more businesses will begin to accept cryptocurrencies for payment.
According to the report, nearly 13% of US adults will own crypto this year. However, only 10% of US owners use their crypto for transactions.
The use of crypto had increased only slightly from 2018 to 2020, and it appears that the coronavirus pandemic had something to do with the spike from 2020 to 2021.
Is it too early to accept crypto payments in your store?
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon