New Bitcoin Study Shows Most Crypto Owners Still Do Not Want to Spend Their BTC Holdings
According to the latest market data available online, the number of merchants accepting Bitcoin (across the globe) has been growing quite steadily over the course of the past 14 months or so. However, despite these amazing developments, recent polls show that a majority of Bitcoin users are not really willing to part with their “digital gold” — since they believe its value will rise exponentially in the future.
A Closer Look At The Matter
At the time of writing this article, there currently exist a total of 14,518 merchants across the world who allow their patrons to pay for their purchases via BTC. Not only that, we can also see that the total number of Bitcoin ATMs in the world has doubled since 2017 — with the number currently standing around the 4,000 marks.
Lastly, it should be pointed out that a majority of these crypto retailers and ATM kiosks are spread mainly across Europe and North America.
Other Data Worth Bearing In Mind
- Studies show that even though many people across the globe now own varying quantities of Bitcoin, they do not want to spend the flagship asset on everyday items like coffee, groceries etc.
- In this regard, it is worth pointing out that a recent poll showed that a miniscule proportion of BTC owners would spend their holdings on a sandwich or a meal.
- Even though countries like Venezuela are starting to adopt alt-currencies at a rapid pace, the Western world still seems to be using BTC as a speculative tool or as a SOV (Store of Value).
- Crypto advocate Brock Pierce recently purchased a mansion worth USD $1.2 million using a Bitcoin-backed mortgage. This just goes to show how precious most people consider BTC to be since a person like Brock could have very easily spent a part of his crypto fortune to facilitate the above-mentioned acquisition.
Irony At Its Finest
As many of our readers might be well aware of, Arnhem (a small city located in the Netherlands) is one of the most Bitcoin-friendly places in the world today. To be a bit more specific, most of the city’s liquor stores, malls, restaurants accept BTC payments from their patrons.
However, since 2014, statistical data has shown that the number of people in the city actually spending their BTC holdings on regular purchases has declined quite a bit.
To put things into perspective, since the start of this year, less than 50 BTC-based transactions have taken place within Arnhem’s borders.
In closing out this piece, it should be pointed out that a host of crypto experts believe that in this current economic climate, it hardly makes sense for BTC holders to spend their hard-earned assets on trivial items— especially since it is being projected that the premier currency is once again on its way up.
Last but not least, at this point in the article, we should also highlight the fact that digital currencies are not susceptible to issues like hyperinflation (nor do they suffer from the whims of unpredictable despots)— thereby making them extremely well placed to enter the mainstream as various fiat assets continue to struggle across the globe.