Digital.com recently surveyed 1,000 U.S. business owners to see what their plans were for implementing crypto payments, and found that nearly one in three say they plan to work with Dogecoin in the near future.
The meme-based cryptocurrency Dogecoin spiked late last year when Tesla and SpaceX CEO Elon Musk announced that customers would be able to use it to buy certain Tesla products. Tesla is certainly not the first major company to accept payments in crypto, with companies like Microsoft, AT&T, and Twitch allowing customers to either pay directly in crypto or go through third-party apps.
It’s all well and good for corporations to accept cryptocurrency, but what about smaller businesses? Digital surveyed 1,000 U.S.-based business owners to see if they plan to follow suit or eschew the crypto fad altogether.
- 27% of business owners will start accepting cryptocurrency this year
- The top three currencies they plan to accept are Bitcoin, Ethereum, and Dogecoin
- Nearly one in three say they feel pressured to accept crypto at their business
- 30% say they will never accept cryptocurrency payments
27% of Business Owners Will Start Accepting Cryptocurrency This Year
More than one in four business owners surveyed say they plan to accept crypto payments at their business in 2022. 10% say they plan to start accepting crypto in 2023, 18% say sometime in the next two to five years, and just 6% say they plan to in more than five years. 10% of those surveyed say they already do accept crypto at their business.
Nearly One in Three Say They Will Never Accept Cryptocurrency
The largest percentage of respondents (30%) actually said that they never plan to accept cryptocurrency. This may be because they see it as too big of a project to implement or believe that the crypto bubble may finally burst.
29% of Business Owners Say They Will Accept Dogecoin
Despite its unserious origins, Dogecoin has become a legitimate investment and is one of the top cryptocurrencies business owners plan to work with. Of those surveyed who either plan to or already do accept crypto, 83% say they will accept Bitcoin, 42% say they will accept Ethereum, 29% will accept Dogecoin, and 15% will accept Binance Coin. Other popular write-in responses included Shiba Inu and Litecoin.
30% of Business Owners Report Feeling Pressured to Accept Crypto
Nearly one in three survey respondents stated that they feel or felt pressure to accept cryptocurrency payments at their business. Of this group, the top two reasons are a belief that they may lose customers by not accepting crypto (53%) and a belief that they will appear behind the times (49%). Just 33% said their motivation to accept crypto comes from a belief that it will be profitable.
This survey was commissioned by Digital.com and conducted online by the survey platform Pollfish between January 11 and January 12, 2022. In total, 1,000 participants in the United States were surveyed. All participants had to pass through demographic filters to ensure they were self-employed business owners.