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Download the ForumPay Crypto Spending Report 2024!


The ForumPay Crypto Spending Report 2024 is now available to download. Since the beginning of January 2024, ForumPay has been diligently researching, reading and collecting data about how crypto-consumers all over the world have been using and spending their cryptocurrency funds throughout 2023. As well as presenting our own findings on crypto spending, this Report looks into constantly evolving statistics such as demographics, habits, experiences and institutional sentiment surrounding the adoption and utility of cryptocurrencies, including stablecoins and tokens. 

Here are some of our main takeaways and a brief overview of what readers can expect to find in the ForumPay Crypto Spending Report 2024.

Crypto Spending Report 2024: The main takeaways

  • 14% of high-income consumers in the United States say they “definitely” prefer merchants that accept cryptocurrencies 
  • 90% of central banks are today exploring CBDCs in some form or another
  • 72% of global finance leaders have gained confidence in the crypto industry
  • 10,576 restaurants, bars, shops, and services accept BTC, a figure that grows day by day
  • In 2023, 53% of crypto-consumers lived in lower-middle-income countries
  • Tether (USDT) was the most popular coin in 2023 in terms of overall spending volume for the second consecutive year, followed again by Bitcoin (BTC)

Crypto-consumer demographics

Merchants and businesses looking to accept payments in cryptocurrencies will be pleased to know that crypto-consumers in 2023 encompassed a wide-ranging spectrum of profiles, socioeconomic backgrounds, age and geolocation. The rate and popularity of crypto-spending is driven by its nature as a decentralized, democratic form of payment. Users and consumers are able to send their crypto funds across international borders and jurisdictions without succumbing to bureaucratic barriers, invasions of privacy, limitations on volume, fees and long delays. 

Regarding crypto-consumers’ geographical location, some 53% live in lower-middle income (LMI) nations, principally in South Asia and Sub-Saharan Africa. These figures seem to reflect trends regarding a need for financial management and control that cannot be fulfilled by traditional financial services. Regarding the average age of crypto-consumers, a staggering 94% of all cryptocurrency shoppers are classed as Millennials or Gen Z, which may be influenced by these generations’ declining trust or need for traditional financial services, following devastating events such as the 2008 Wall Street crash. 

Institutional opinion on crypto-spending

Institutional opinion regarding the use of cryptocurrencies and blockchain technology for transactions in 2023 was also highly optimistic. This positive sentiment is being driven by several factors, including the increasing probability of introducing Bitcoin into mainstream investment portfolios through the series of spot Bitcoin ETFs, still under discussion in 2023, which gained mainstream coverage towards the end of the year. 

Some 90% of world banks also committed to exploring digital assets such as CBDCs. Whilst there is a degree of pushback against these digital currencies from the native crypto community, given their centralized nature, they are a step towards digitizing payments and reducing restrictions on cross-border transactions.

Global finance leaders have demonstrated growing confidence in the potential of cryptocurrencies and their implementation in businesses. Major financial institutions and influential companies have already explored projects encompassing tokenization, blockchain technology, and cryptocurrency payments. Regulatory frameworks are also being developed, such as MiCA in Europe —set to enter into force between 2024 and 2025— which has the potential to make crypto-payments safer, and further influence cryptocurrency regulation around the world. 

Businesses and merchants 

The global number of businesses accepting bitcoin (BTC) as payment rose by just under 500% between the start of 2023 and the start of 2024. While this is a promising sign of merchant crypto adoption, there is still some way to go to satisfy the demand of the 570 million crypto users around the world. Factors encouraging merchants and businesses to start accepting cryptocurrencies from their customers include the enhanced speed and security of translations, zero risk of chargebacks, reduced transaction fees, and the chance to expand their clientbase overseas at no extra cost.

With ForumPay, merchants and businesses are able to tap into the growing cryptocurrency consumer segment without being exposed to the risks associated with a still volatile market, or having to learn the ins and outs of blockchain technology. Our crypto payment solution provides customers with the option to pay in any cryptocurrency, from the wallet of their choice, while businesses receive the original price for their product or service in their chosen FIAT currency directly into their chosen bank account on a daily basis.

The future of payments is inevitable

Both crypto adoption and crypto-spending are becoming increasingly widespread phenomena. According to a recent survey by PYMNTS, 14% of high income consumers in the U.S. said they “definitely” prefer merchants that accept cryptocurrencies. Not only does the choice to accept crypto payments facilitate the purchasing process, it also demonstrates that businesses are aligned with current demand, prepared to accommodate new technologies and innovate their offer to welcome new clients. ForumPay can help forward-thinking merchants and businesses meet this growing demand, because the future of payments is inevitable. 

If you are a merchant or business and have yet to start accepting payments in cryptocurrency, book a meeting with one of our crypto payment experts to find out how it works. Alternatively, visit forumpay.com for more information.


ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.


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