70% of Crypto Enthusiasts are Spending, Not HODLing

BOSTON–(BUSINESS WIRE)–Oct 1, 2020–

Seventy percent of people who hold digital assets such as bitcoin and cryptocurrencies are using them to make real-world purchases, according to a new survey conducted by Bitcoin Market Journal, a leading website for blockchain investors, and BlockCard, a leading crypto debit card.

Decentralized digital currencies enable the seamless transfer of value over the internet without the need for a bank. However, despite the benefits of digital money over traditional money, there is a perception among blockchain investors that cryptocurrencies are only meant as investment assets and not as spending currencies.

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To gain insight into the spending habits of digital currency users, BlockCard and Bitcoin Market Journal polled 35,000+ blockchain investors on their crypto spending habits. Some of the key takeaways:

– 70% of respondents have spent cryptocurrency in the past twelve months.

– 11% have spent cryptocurrency on food and 12% on entertainment.

– Over 75% are using cryptocurrency to buy other cryptocurrencies (digital exchange).

In other spending categories, transportation (5.04%), clothing and apparel (8.40%), and education (8.40%) were also high on the list.

“While many bitcoin thought leaders preach HODLing as the only way to interact with bitcoin, data suggests that digital currency holders are actually using their ‘magic internet money’ as money,” said Ian Kane of BlockCard.

When asked what would make them more likely to spend cryptocurrency in the future, a majority of respondents pointed to merchant adoption: to spend more cryptocurrency, in other words, make it more widely accepted by more merchants.

“The takeaway is clear,” said Alex Lielacher, editor of Bitcoin Market Journal. “From paying for essentials to covering education costs, cryptocurrency holders are using digital currencies as everyday currencies.”

Download the full report:
https://getblockcard.com/crypto-spending-report/

About BlockCard

BlockCard empowers people to buy what they want with crypto at over 50 million merchants worldwide. The BlockCard platform is an evolving suite of tools that makes it easier faster and more convenient for users to purchase cryptocurrency and use it in their daily life. The BlockCard debit card is the most efficient way to make a purchase with crypto or convert crypto to cash at ATMs. Within minutes a user can create a BlockCard account, deposit 12+ cryptocurrencies in 1 transaction, pass KYC and immediately get a virtual card to use while a physical card is mailed to them. BlockCard account holders are also given access to an FDIC Insured Checking account for buying Bitcoin and other cryptocurrencies. Learn more at https://getblockcard.com

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About Media Shower, Publisher of Bitcoin Market Journal

We’re the global media company that simplifies and spreads good ideas, using the power of the crowd. Follow us @TheMediaShower on Twitter, or visit www.mediashower.com to learn more.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201001005299/en/

CONTACT: Cliff Robinson

crobinson@mediashower.com

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: FINANCE INTERNET PROFESSIONAL SERVICES OTHER TECHNOLOGY TECHNOLOGY

SOURCE: Media Shower

Copyright Business Wire 2020.

PUB: 10/01/2020 08:00 AM/DISC: 10/01/2020 08:01 AM

http://www.businesswire.com/news/home/20201001005299/en

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