Despite a sharp rise in cryptocurrency ownership in 2024, the adoption of crypto as a payment method remains sluggish, especially in the United States (US).
A significant number of Americans own digital assets, with the US accounting for approximately 15.5% of global crypto holders, yet less than 1% of online shoppers in the country are using cryptocurrency for transactions.
Users view crypto more as an asset than a currency
According to the Strawhecker Group US survey, about 80% of respondents prefer using debit or credit cards for online shopping, while another 10% leaned toward mobile wallets, leaving less than 1% clinging to crypto for online payments.
With about 560 million people worldwide owning crypto assets, and the United States accounting for about 15.5% of that, it is clear that many crypto owners view digital assets primarily as a store of value rather than a payment method.
Then again, only some online retailers in the United States offer crypto as an alternative payment method. According to last year’s report, only about 4% of the sellers provided crypto as an available payment option.