Consumer Sentiment On Bitcoin As A Payment Method
With Bitcoin prices hitting all time highs on the heels of Tesla announcing a $1.5 billion investment into Bitcoin and accepting it as a payment method, the argument for Bitcoin as mainstay financial asset has been significantly solidified over the past 12 months.
While payment processing companies such as Paypal and Square have already integrated Bitcoin as a payment method, Tesla’s foray into Bitcoin poses new questions for online merchants and retailers alike.
As a result, we surveyed 1050 American consumers to find what they think about Bitcoin as a payment option and the impeding ramifications for companies and merchants across the globe. Demographics and survey methodology are included in the latter part of this report.
Acceptance Of Bitcoin As A Payment Method
60.2% of consumers would like more companies to accept Bitcoin as a payment method.
Companies That Should Accept Bitcoin According To Consumers
59.1% of consumers indicated that they would like to see Amazon accept Bitcoin directly while another 41.9% selected Apple and 31.4% selected Walmart as companies they’d like to see accept Bitcoin as a payment method. 34.8% of consumers indicated that companies should not accept Bitcoin as a payment method at all.
Consumer Willingness To Pay With Bitcoin
50.5% of consumers indicated that they would be willing to pay for products and services with Bitcoin.
49.5% of consumers indicated that they would NOT be willing to pay for products and services with Bitcoin.
Paying Online vs. In-Store With Bitcoin
In-Store & Online
63.8% of consumers indicated that they would prefer to pay with Bitcoin online while only 2.9% indicated that they would prefer to pay with Bitcoin in-store. Another 33.3% of consumers indicated that both options would work for them.
Preferred Payment Processing Services For Bitcoin Use
62.9% of consumers indicated that they would prefer to use Paypal as their payment processing service of choice when paying with Bitcoin. Other preferred choices were Visa, Mastercard and their own bank at 33.3%, 24.8% and 22.9% respectively.
Consumer Take On Bitcoin Acceptance By Tesla
38.1% of consumers like Tesla’s decision to accept Bitcoin as a payment method while 11.4% don’t like the decision and 50.5% feel indifferent.
Other Crypto Assets Considered As Payment Methods
Besides Bitcoin, 27.6% of consumers want to see Ethereum and another 20.8% want to see Doge as payment options. 6.7% of consumers also selected Ripple as a preferred payment option.
SURVEY METHODOLOGY & DEMOGRAPHICS
For the purpose of this study, we surveyed 1050 US consumers to find out the overall consumer sentiment towards Bitcoin as a payment option and gage the impact that acceptance of Bitcoin as a payment method by companies and merchants will have on consumer behavior. The survey was conducted via SurveyMonkey services.
The demographic composition of the 1040 individuals surveyed is as follows.
Based on the data we collected, majority of consumers are eager to have Bitcoin as a payment option at more retailers and service providers, especially those operating online. This bodes well for crypto as a whole and companies will have to adapt in the next five years to accommodate a growing number of consumers that require crypto based payment options.
Here are some other useful resources with respect to Bitcoin and crypto: