Consumer sentiment regarding Bitcoin (BTC) as a legitimate payment method has changed significantly following the historic crypto market bull run, which is truly unprecedented.
With BTC prices reaching all-time highs (briefly hitting $49,000) on the heels of Elon Musk’s tech firm Tesla’s announcement that they’ve acquired $1.5 billion in Bitcoin, and intend to accept it as payment, the “argument for Bitcoin as mainstay financial asset has been significantly solidified over the past 12 months,” according to survey findings shared with CI.
Although payment processing firms like Paypal and Square have now integrated BTC as a payment option, Tesla’s foray into Bitcoin “poses new questions for online merchants and retailers alike,” the Deal Aid team noted.
They also mentioned that they’ve surveyed 1050 US consumers to determine what they think about Bitcoin as a payment option and the ramifications for firms and merchants throughout the world.
Some of the key insights from the survey include:
- 60.2% of consumers “would like more companies to accept Bitcoin as a payment method.”
- 59.1% of consumers “indicated that they would like to see Amazon accept Bitcoin directly”
- 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 a all”
While sharing findings on consumer willingness to pay with Bitcoin, the Deal Aid team revealed:
- 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”
- 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.”
- 33.3% of consumers indicated that “both options would work for them”
- 62.9% of consumers indicated that they would “prefer to use Paypal as their payment processing service of choice when paying with Bitcoin” (some also said they may prefer Visa, Mastercard and their own banking services provider at 33.3%, 24.8% and 22.9% respectively)
- 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”
While sharing results on whether consumers would want to pay with other digital assets such as Ethereum (ETH), DogeCoin (DOGE), or XRP, the Deal Aid team revealed:
“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 [XRP] as a preferred payment option.”
Survey Methodology
For this particular study, the Deal Aid team had surveyed 1050 US-based consumers in order to determine the “overall consumer sentiment” towards Bitcoin as a payment method and to assess the “impact that acceptance of Bitcoin as a payment method by companies and merchants will have on consumer behavior.” The survey was performed through SurveyMonkey services.
You may check out the demographic composition of the 1040 individuals surveyed here.