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One-third of small businesses in the United States accept cryptocurrency payments.

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Since Bitcoin reached an all-time high of $69,000 a few weeks ago, all eyes have been on crypto โ€“ particularly those of small business owners pondering how to jump on the crypto bandwagon. Small businesses are adopting cryptocurrencies faster than you may believe, according to a recent study from consulting firm Skynova.

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According to their recent “Accepting Bitcoin” report, nearly a third (32 percent) of the 584 U.S. small business owners polled now accept cryptocurrency as payment. The poll results went on to give the following six factors as to what or who were the key drivers for small business entrepreneurs to adopt crypto payments. Respondents were invited to provide as many explanations as they could for their particular situation.

The third bullet above, in particular, demonstrates that 46 percent of business owners accept cryptocurrency because their competitors do. These data show that cryptocurrency adoption is becoming more about competitive survival than a competitive advantage.

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This is one of the motivations for a new Coinbase sponsored campaign to increase the adoption of cryptocurrency by small businesses. The campaign, dubbed #WeAcceptCrypto, aims to boost awareness of small companies that accept cryptocurrency as payment.

While a window decal may not seem like much, it is a visual method to differentiate your shop from the competition and may draw crypto users who might not have entered otherwise. Every little bit helps in this day and age, especially for small enterprises.

 

This marketing effort is a fantastic idea that aims to raise cryptocurrency awareness among both customers and retailers โ€“ which is a brilliant idea. To accelerate acceptance, all sides of the retail transaction must embrace cryptocurrency. This is yet another positive move in that direction.