From coffee to more crypto, jets to homes, gaming to trading, what are people spending crypto on, and why are they choosing crypto over other currencies?
As more evidence of increased crypto spending surfaces, it’s good to know what people buy with their crypto. One of crypto’s main appeals is anonymity, so finding out precisely what people are spending their crypto on is difficult to track. But as more crypto is circulating as a form of payment, businesses monitor the number of transactions made with crypto allowing more information to be publicly available.
A crypto spending report developed by ForumPay reveals what people spend crypto on as of 2021.
TOP 3: Groceries, Entertainment, and More Crypto
The cryptocurrency market cap can reach more than $2 trillion in a few years. Therefore, it has to be a viable option for big and small purchases. The chart shows that most are spending crypto on food, entertainment, and even more crypto. But it doesn’t stop there!
As the data shows, purchases made with crypto are extremely diverse. In fact, the most surprising revelation is that 5% of consumers pay rent with crypto! What’s not surprising is the number of people that use crypto to purchase more crypto. Playing the market is profitable and has even created jobs for thousands of experts who study and understand the changing market.
NFTs have been making headlines since 2020, and their ability to conjure up a whole new market of collectors into the crypto realm is groundbreaking. In 2020, more than $250 million were spent on owning pieces of internet property whether memes, gifs, videos, stories, or even tweets. By 2021, roughly $200 million were spent on NFTs, not annually, but solely in the month of March!
What Crypto Isn’t Spent On: Illicit Activity
In fact, only 0.34% of crypto spent in 2020 was linked to criminal or illicit activity. In comparison, 2.7% of global GDP is connected with illegal activity. This makes cryptocurrency comparably a less viable option for criminals.
For more information about crypto spending activity, download ForumPay’s crypto spending report here! And to start accepting crypto payments, visit www.forumpay.com, where a sales rep is ready to help you!