At the peak of bitcoin, consumers and businesses hopped on the digital currency bandwagon. From Subway franchises to your mom-and-pop shop, a lot of businesses allowed their shoppers to purchase items with the peer-to-peer cryptocurrency.
Since the crash of bitcoin, consumers are no longer buying their stuff with the virtual currency.
In fact, the amount of bitcoin received by merchants has plunged 85% so far this year, and it’s likely to plummet even more.
From Economic Policy Journal:
Bitcoin isn’t a medium of exchange, it’s a medium of speculation based on the idea that the world in just a few short days will be using Bitcoin for daily consumer transactions everywhere.
In reality, after peaking at $411 million in September, the amount of money the largest 17 crypto merchant-processing services received in the best-known cryptocurrency has been on a steady decline, hitting a recent low of $60 million in May, according to research that Chainalysis Inc. conducted for Bloomberg News.
That’s just $2 million a day in transactions.
Here is a chart from the last few years:
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