Insights highlight the broad expansion of cryptocurrency spending across industries in response to the bull market.
BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, has released its latest report, “The 2024 BitPay Spending Report,” which provides a comprehensive look into cryptocurrency spending during the historic 2024 Bitcoin bull run.
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Key findings include:
- Crypto payments up 20% from January 2024: March 2024 marked a marquee moment for BTC prices as well as spending.
- Spending trends tail BTC price increases: As the price of BTC and other cryptocurrencies increase, so does crypto consumer spending.
- Spending surges across nearly all industries: Crypto consumer spending spans nearly every industry, with certain sectors showing especially strong payment growth:
- Cars, Boats and Luxury Vehicles up 56%
- Philanthropy/Non-Profit Donations up 324%
- Luxury Goods & Jewelry up 39%
- Gold & Precious Metals up 205%
- Electronics up 64%
- BTC continues to reign supreme: Over 50% of sales volume was BTC, although USDT, LTC, USDC, and ETH are growing contributors to crypto payments sales.
- Spenders use crypto gains to clear debt: As crypto payment solutions become more advanced, savvy spenders are using their gains to pay off debt. Credit card payments make up 85% of these transactions. Bill payments average $1,200 per transaction.
- Crypto-powered gift cards offer convenience and flexibility: Even if a merchant doesn’t yet accept crypto payments, consumers can convert crypto into gift cards for hundreds of top-name brands and retailers.
“The latest spending trends showcase cryptocurrency’s evolution from investment asset to a means of powering everyday life,” says BitPay CMO Bill Zielke. “With an ever-growing lineup of top-tier merchants accepting crypto payments, consumers have unprecedented opportunities to spend their coins and tokens. In addition to merchant payments, crypto-powered gift cards and bill payments enable crypto spenders to explore new, flexible payment options.”
These early 2024 increases in crypto spending preceded last week’s Bitcoin halving, which has historically positively impacted crypto markets and, in turn, led to even more spending.