What is the future of crypto payments?
Crypto payments undergo a real boom in 2020-21, and the number of crypto-accepting merchants skyrockets. What does it mean: a new powerful trend or a just short-time splash? What is the future of crypto payments?
First of all, we need to dive into numbers and their movements. Which changes have crypto payments undergone during the recent period?
- The number of crypto-accepting businesses worldwide reached 15 170 in 2021 (94% growth compared to the beginning of 2020).
- The crypto market capitalization is close to $2 trillion (10x compared to 2020).
- 22 cryptocurrencies are accepted by 200+ companies, and 7 digital assets are used as payment instruments by more than 1000 businesses.
- The number of Bitcoin ATMs installed worldwide surpassed 17 500 (261% growth).
- $52.8 billion is the 24 h BTC trading volume on January 1, 2021 ($19.1 billion for January 1, 2020 and $4.7 billion for January 1, 2019).
These numbers are a vivid demonstration of digital assets’ fast-growing power. The current crypto trend is not a one-time event, but the upcoming revolution of the financial sector.
Daniel Ives, Wedbush Securities analyst: “We expect less than 5% of transactions to be through bitcoin over the next 12 to 18 months however this could move higher over time as crypto acceptance starts to ramp over the coming years”.
Daniel commented on the Tesla accepting BTC news, highlighting that crypto payments have strong potential and their growth becomes just a matter of time. Tesla opened the door for other giant corporations and small merchants, as the US auto giant is a generator of progressive ideas and innovations usually hailed by the community.
Cuy Sheffield, VISA Vice President: “Digital currency represents an evolution of money itself”.
VISA and MasterCard are two powerful engines of global money turnover. Now the corporations understand the world is on the threshold of seminal events that are about to change the financial sector forever. VISA makes giant steps towards the crypto implementation, wishing to make crypto transactions as easy as fiat ones. This is why the number of crypto payments may skyrocket by zillion times.
Dan Schulman, PayPal CEO: “The benefits of crypto payments are legion, particularly for businesses and consumers”.
For a long time, PayPal was a member of the “enemy camp”, rejecting the idea of upcoming crypto mass adoption, but the year 2020 was the best time for changing boots. The corporation CEO decided to get its part of the crypto pie, enabling users to send and receive digital assets. This said 361 million active users may get direct access to crypto payments.
The herein mentioned opinions prove that the future of crypto payments is more than brilliant, and the trend has been just gaining momentum. Merchants have two ways to select: either to join the recent powerful trend and boost their businesses or stay conservative and see their competitors reaching new and new peaks.Innovations are always full of something new, unknown, and scary; meanwhile, you have partners to make the first step into – B2BinPay is a leading provider of crypto payments, offering enterprises and merchants turnkey solutions.