• Wed. Jun 22nd, 2022

Report: “Digital currency will become legal tender in the next…”

ByHazel R. Lang

Jun 10, 2022

Crypto adoption across the globe is growing at a much faster rate. New data suggests that four out of five U.S. retail businesses expect digital currency payments within the next five years.

They also believe that vendors will accept payment in stablecoins and cryptocurrencies. There is a high overall expectation for the influx of crypto into US retail markets in the coming years.

Legal tender?

One of the Big Four accounting firms Deloitte released a report titled “Traders Gearing Up for Crypto”. The survey polled 2,000 senior executives from US retail organizations from December 3 to 16 last year.

Although the numbers are limited, it is important to know that this survey was conducted during a bull market in December 2021. The crypto market fell by leaps and bounds in 2022 with BTC nearing $30,000 and ETH struggling to hold $1,800. Also, stablecoins are unlikely to receive such a glowing reception after Terra crashed earlier in May.

“Nearly three-quarters of respondents said they plan to accept payments in cryptocurrency or stablecoins in the next 24 months.”

Merchants have displayed different motivations for adopting digital currency payments. With the evolution of technology, they believe that cryptocurrencies will improve the customer experience. They believe crypto will also increase their customer base and give their brand “a cutting edge.”

Source: Deloitte

Most merchants agreed that organizations accepting digital payments have a competitive advantage. They also believed that digital currencies would become legal tender over the next decade with their increasing use for everyday purchases.

Source: Deloitte

Relief in June for altcoins?

Meanwhile, major coins such as Bitcoin and Ethereum showed no major moves in the first week of June, according to a Santiment. Tweeter. Most altcoins underperformed this week, with a few exceptions. It’s fair to say that this week’s crypto price returns show a “mix” of results. ADA and LINK are two anomalies among the major altcoins that have posted huge returns this week.

There has also been a huge surge in stablecoins this week with the launches of Djed and USDD. USDC became a top talking point during the week after posting a 750%+ increase in its social volume.

Source: Santiment/Twitter

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