Ever since hit its all-time high of $69,000 a few weeks ago, all eyes have been on crypto – especially those of small business owners, as they consider how to hop on the crypto bandwagon. According to recent research from consulting firm Skynova, small businesses are adopting cryptocurrencies faster than you may think.
Their recent “Accepting Bitcoin” study found that nearly a third (32 percent) of the 584 U.S. small business owners surveyed, currently accept cryptocurrencies as payment. The survey results went on to list the following six reasons as to what or whom were the primary drivers for founders to embrace crypto payments for their small businesses. The respondents were asked to give as many reasons as applied to their unique situation.Major payment companies such as PayPal (NASDAQ:) and Mastercard (NYSE:) adopting cryptos (59 percent) Innovative companies such as Tesla (NASDAQ:) making big crypto buys (50 percent) Acceptance by competitors was a significant motivator for business owners (46 percent) Customer demand for crypto funds as payment options (37 percent) Ongoing media reporting and coverage of the cryptocurrency industry (34 percent) Social media influencers with huge followings on Twitter (NYSE:), YouTube, and Telegram (32 percent) Of particular note, the third bullet above shows that 46 percent of business owners accept crypto because their competitors do. These findings suggest that crypto adoption is becoming less about competitive advantage and more about competitive survival.
That’s one of the reasons behind a new Coinbase (NASDAQ:) sponsored campaign to bolster small businesses adoption of cryptocurrencies. The program is called #WeAcceptCrypto, and it’s an effort to raise awareness of small businesses that accept cryptocurrency as a form of payment.
Here’s how it works, based on Coinbase’s announcement o...