The adoption gained by cryptocurrencies this year is unmatched. It has shown in various ways that adoption is on the rise, and Visa has confirmed it with exciting data. Over the past six months, cryptocurrency-linked card usage on the payment network has surpassed the $1 billion mark.
More People Are Spending Crypto With Cards
Payment giant Visa revealed yesterday that over $1 billion worth of cryptocurrencies was spent on their network in the first half of 2021. The figure surpasses those recorded in 2019 and 2020.
Visa CFO Vasant Prabhu told CNBC that the use of cryptocurrencies has gone up massively in recent months. During the interview, the CFO said more people are experiencing ways they can use cryptocurrencies to pay for goods and services. Similar to how they use fiat currencies. He pointed out that there are numerous issues regarding cryptocurrency’s volatility but maintains that the problem is for the owners to manage and track.
The CFO said, “We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency.”
More People Are Interested In Cryptocurrencies
The data is an interesting one, especially at a time when the prices are down. A recent study by MasterCard revealed that over 93% of North Americans intend to use cryptocurrencies or other emerging payment options to pay for goods and services in the next year.
The adoption of cryptocurrencies is being felt by Visa. The CFO said their network is experiencing an increasing number of people using their Visa debit and credit cards to purchase cryptocurrencies on regulated exchanges. He added that he believes the trend will continue for a long time.
Cryptocurrencies have been in a bearish trend over the past two months. Bitcoin has been struggling to surpass the $35k region and mount a rally towards the $40k level. Despite the massive decrease in the prices of most cryptocurrencies, more people are entering the market as they believe the assets allow them to hedge their wealth and grow it.