A survey by Zogby analytics has revealed that about one-third of small and medium scale enterprises in America accept crypto as a payment method.
Crypto is in the limelight. The survey, commissioned by Hartford Steam Boiler (HSB), is a curious one. 505 SMEs with revenue less than $5million and less than 100 employees partook in it.
Zogby also analyzed respondents based on the number of years in business. Those who spent less than five years in it and those over 20. The survey revealed that about 50% of SMEs, which have been operating for five years or less, accepted cryptocurrencies. The respective number for the other group stands at 21%. This group appeared hesitant to accept cryptocurrency.
Hack risks not volatility
According to the survey, US citizens are familiar with cryptocurrencies, including the group that’s hesitant to accept.
Vice-President of HSB, Timothy Zeilman, expounded on the result of the survey. He noticed that those businesses reluctant to use crypto were more worried about hack risks than crypto’s price volatility. Zeilman pointed out that many exchanges have suffered the loss of millions of dollars because of hacks. This fact has kept businesses out of the crypto space. Especially startups, who “can’t afford to be cheated.”
On a different note, 59% of respondents have also purchased crypto for personal use.
Increasing crypto adoption and use cases
Despite unfavorable and stifling regulations, the crypto space remains undaunted. A recent survey showed that most US citizens are “crypto polygamists”. In other words, they own more than one cryptocurrency.
Besides, several businesses both large and small accept cryptocurrency. Some as far back as 2018. Thus, crypto payments are becoming widespread. It’s easy to purchase flight tickets, booking hotels and even beers or burgers.
Though relatively new, they are creating the much-needed change to the way payments are made all over the globe. A survey in China also revealed that Chinese students see it as the future. Concurrently, two US congressmen have urged the United States not to hinder the growth of this fast budding technology.