Cryptocurrency

Deloitte: 85% of Online Merchants To Accept Cryptocurrency in the Next 24 Months

The survey in partnership with PayPal also found 83% ready to do the same for Stablecoins.

Cryptocurrency

Deloitte: 85% of Online Merchants To Accept Cryptocurrency in the Next 24 Months

The survey in partnership with PayPal also found 83% ready to do the same for Stablecoins.

On Wednesday, June 8, professional services company Deloitte, in partnership with PayPal, released a report titled “Merchant getting ready for crypto.” It outlines the growing adoption of cryptocurrency and states that 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.”

Data from the report was gathered between December 3 and December 16, 2021, and polled a sample of 2,000 senior executives at retail organizations across the United States. All of whom were from the consumer goods and services industry.

The survey also found that merchants were placing almost an equal priority on the acceptance of stablecoins, stating that “more than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins. As such, and likely driven by larger retail adoption/availability of cryptocurrencies, it seems as though these assets have a role as the primary starting point for adoption.”

Other notable statistics included 87% strongly believing organizations that accept digital currencies currently have a competitive edge, 85% strongly agree that the use of digital currencies for regular, everyday purchases will continue to increase exponentially, and 83% agreeing that digital currencies will become legal tender in the US in the next 10 years.

Additionally, the report shares that large retailers (with revenues of $500 million and up) have noticed the opportunity that is the crypto space and that over half of them have invested more than $1 million USD in enabling digital currency payments for their businesses. Deloitte concludes the report by stating that there is a clear direction and strength of the trajectory toward broad adoption of digital currency payment solutions.

Elsewhere in Crypto, Coinbase CEO Brian Armstrong says Bitcoin could become the global reserve currency.

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