CRYPTO AND BUSINESS APPLICATIONS

As of today, cryptocurrency is primarily mined and purchased as a form of investment, but as it quickly gains traction, other applications may accelerate. 

Our data indicates that at this point only 30% of those that own crypto use it for purchasing goods/services. Is there appetite among the general public for using crypto more widely or for everyday transactions? 

Lab42 research shows consumers have some willingness to use cryptocurrency for transactions as well as acceptance if companies use crypto, but right now neither willingness to use nor acceptance are overwhelming.

CONSUMER WILLINGNESS TO USE

1.     Slightly more consumers are likely to entertain the idea of paying for purchases with crypto vs. those consumers who reject it. (Net Likelihood: 9%).

2. Verticals more likely to benefit from this are retailers/grocery stores, entertainment/amusement venues and financial/banking institutions.

CONSUMER ACCEPTANCE IF COMPANIES ADOPT CRYPTO

What happens if a company starts accepting payments in crypto – does that reflect bad on its reputation and trustworthiness? Would consumers even be willing to engage with that company?

1.     Consumers are not closing the doors to companies that accept crypto. Overall, slightly more consumers are open to engaging with companies that accept crypto as payment vs. those that reject the idea (Net Positive Engagement 6%)

2.     Similarly, consumers are not likely to penalize a company’s trustworthiness.  Perceptions of trustworthiness stay the same for Healthcare services and Government services (if they start accepting payment in crypto), with retailers/grocers, gaming, and entertainment verticals experiencing a slight increase in Net Trustworthiness.

Not overwhelming sentiment for or against using crypto themselves for shopping or for companies to use for transactions may be the result of lack of familiarity or even confusion on what cryptocurrency really is and how it works.That said, clearly the sentiment is moving in the right direction for retailers, grocers and even financial institutions and if they were to adopt crypto, customers would likely go along.

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