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VISA study: Bitcoin will become more popular in 2022



Cryptocurrencies are on the rise. The VISA study provides clear results for 2022. However, although the popularity of cryptocurrencies is showing a global increase, the differences in acceptance between countries are starkly contrasting.


Bitcoin study by VISA

The new Bitcoin study by the credit card provider Visa provides the first forecasts for the year 2022, so a quarter of the small businesses surveyed want to accept cryptocurrencies as a means of payment this year. With a share of 13%, consumers in these countries expect digital currencies to take hold in retail stores before the end of this year.


With over 2,250 small businesses surveyed across 9 countries, it is unmistakably clear that cryptocurrencies as a means of payment can soon go mainstream, according to Reuters. This assumption is further supported by the fact that the survey was conducted in wealthy or populous countries such as the USA, Brazil, Singapore and Canada.


It is surprising how country-specific the willingness of merchants is to use cryptocurrencies as a means of payment. About a third of respondents from Singapore and Brazil said they would be willing to accept digital currencies. Similar numbers were also recorded in Hong Kong and the United Arab Emirates. North America appears to be less euphoric here, with the USA in the middle at 19% and Canada at a comparatively low level at 8%.


According to Visa, acceptance of cryptocurrencies will develop naturally.


With a large majority of almost three quarters, the respondents agree on the fundamental relevance of cryptocurrencies and their influence on higher sales figures. For Jeni Mundy, Visa's Global Head of Merchant Sales and Acquiring, it's a "natural progression" for small businesses to embrace cryptocurrency alongside their initial adoption of digital payment methods.


The US cinema chain AMC Entertainment has been accepting cryptocurrencies such as Bitcoin or Ethereum as a means of payment since last year. However, CEO Adam Aron pointed out that the group will not hold any cryptocurrencies on its balance sheet.

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