Crypto’s Mainstream Adoption Continues Across Industries

Cryptocurrency
continues
its
mainstreaming
journey
as
a
diverse
range
of
industries
now
accept
different
coins
for
standard
purchases.
Here’s
a
closer
look
at
this
trend,
which
bodes
well
for
the
future
of
cryptocurrencies.

Since
their
launch
over
a
decade
ago,
cryptocurrencies
have
won
their
fair
share
of
fans
and
critics. 

While
most
commentators
recognize
the
potential
for
huge
gains
that
crypto,
including
Bitcoin,
has
displayed,
one
of
the
downsides
of
this
asset
class
has
been
its
wild
price
fluctuations
and
the
limited
number
of
retailers
who
would
accept
it
as
a
standard
method
of
payment. 

Over
the
past
two
years,
however,
the
situation
has
changed
dramatically. 

Here’s
a
close
look
at
some
of
the
many
industries
where
cryptocurrency
is
becoming
standard
tender
for
transactions,
from
restaurant
meals
to
luxury
supercars.

Crypto
is
being
embraced
by
a
diverse
range
of
industries.

Two
hallmarks
of
a
reliable
currency
are
that
it
is
a
good
store
of
value
and
can
be
used
for
transactions
without
the
need
to
convert
it
to
an
intermediate
currency.

Cryptocurrency
is
increasingly
checking
these
two
boxes,
with
recent
reports
highlighting
its
use
in
a
variety
of
industries
that
previously
only
accepted
traditional
currency,
credit
cards,
and
possibly
electronic
payments
and
directives from chambers of commercedirectives from chambers of commerce”>

directives
from
chambers
of
commerce

recommending
it
to
several
industries.

This
is
especially
good
news
considering
the
mainstream
outlook
on
various
coins
still
being
a
bit
mixed.
The
supposed
volatility
of
the
crypto
market
has
always
been
a
point
of
criticism
for
some,
with
those
same
people
often
highlighting
aspects
such
as
the
memecoins
to
bolster
their
argument.

These
memecoins,
such
as
Dogecoin
or
Shiba
Inu,
are
frequently
seen
as
the
wildcards
within
the
industry
due
to
their
erratic
value
and
speculative
nature. 

While
volatility
is
an
inherent
part
of
the
industry,
to
some
extent,
the
risks
can
be
minimized
through
smart
investing.
Even
the appeal of memecoinsthe appeal of memecoins”>

the
appeal
of
memecoins,
which
are
often
looked
at
as
the
wildcards
within
the
industry,
is
becoming
more
and
more
mainstream,
over
more
consistent
time
frames.

For
instance,
Dogecoin,
initially
launched
as
a
joke,
has
seen
increasing
adoption
and
integration
into
mainstream
platforms
and
transactions. 

This
could
be
a
microcosm
of
the
industry
as
a
whole,
where
cryptocurrency
is
making
strides
as
a
payment
method:

Dining
and
entertainment

According
to
a
recent
report
by
BitPay,
72
food
and
dining
businesses
in
North
America
have
switched
to
accepting
crypto
as
a
payment
method
this
year,
with
their
international
counterparts
following
suit
–
in
some
cases
even
being
ahead
of
the
curve.

• 
  In
  terms
  of
  the
  US
  market,
  Chipotle,
  Domino’s,
  and
  Chuck
  E.
  Cheese
  now
  accept
  crypto
  as
  a
  standard
  payment
  method.

 

• 
  The
  lucrative
  home
  delivery
  industry
  is
  following
  suit,
  with
  Uber
  Eats
  and
  DoorDash
  enabling
  crypto
  payments
  as
  of
  this
  year.

Further
afield,
examples
like
Burger
King
Venezuela,
which
switched
to
Bitcoin
payments
as
early
as
2020
to
combat
rapidly
depreciating
currency
and
hyperinflation,
show
that
this
phenomenon
extends
far
beyond
the
borders
of
developed
nations
and
is
likely
to
become
a
global
trend.
The
proliferation
of


crypto
payment
gateways

will
only
aid
this
switch
to
alternative
assets
going
forward.

Luxury
goods

High-end
retail
brands
are
acutely
aware
that
their
clientele,
especially
in
the
younger
demographic,
often
includes
many
active
crypto
traders. 

This
business
intelligence
may
be
a
factor
behind
their
adoption
of
crypto
over
the
past
two
years,
with
many
high-fashion
names
now
accepting
alternative
currencies.

• 
  Gucci,
  Ralph
  Lauren,
  and
  the
  watch
  manufacturer
  Hublot
  currently
  accept
  Bitcoin
  for
  payments,
  with
  other
  brands
  likely
  to
  join
  as
  the
  trend
  gains
  momentum.
• 
  In
  terms
  of
  the
  jewelry
  industry,
  the
  likes
  of
  Jewelry
  Affairs
  and
  CRM
  have
  already
  announced
  that
  they
  will
  accept
  Bitcoin
  this
  year. 

This
signals
a
realization
in
the
industry
that
cash
and
credit
card
policies
can
be
limiting
in
terms
of
growing
the
customer
base
to
include
younger,
high-net-worth
clients.

Online
gaming

The
lucrative
online
gaming
industry
is
a
natural
fit
for
cryptocurrency
payments,
with
pay-to-download
transactions
and
in-game
purchases
being
denominated
in
Bitcoin
and
other
cryptos
across
a
wide
range
of
gaming
platforms.

Online
casinos
have
been
quick
to
pick
up
on
this
trend
as
well,
with
crypto gamblingcrypto gambling”>

crypto
gambling

gaining
popularity
as
casino
deregulation
proceeds
across
the
globe.
Both
traditional
and
emerging
markets
are
discovering
the
thrill
of
wagering
on
slots,
table
games,
and
poker
as
home
entertainment
gains
popularity
thanks
to
increased
internet
access.

Cryptocurrency
casinos
offer
a
distinct
advantage
for
traders
who
would
like
to
convert
their
crypto
gains
into
virtual
casino
chips
to
enjoy
the
relaxation
of
online
gambling
with
the
prospect
of
increasing
their
holdings
even
further
with
a
lucky
win. 

Previously,
crypto
holdings
would
have
to
be
sold
into
fiat
currency,
with
a
bank
transfer
or
credit
card
being
used
to
fund
casino
accounts.
The
ability
to
use
crypto
directly
for
this
purpose
is
not
only
more
convenient
but
also
saves
a
significant
amount
of
money
on
transaction
fees.

Vehicles
and
Automotive

Staying
on
the
theme
of
crypto
traders
in
the
high-income
bracket,
several
vehicle
manufacturers,
including
the
famous
Italian sports car manufacturer Ferrari,Italian sports car manufacturer Ferrari,”>

Italian
sports
car
manufacturer
Ferrari,

are
starting
to
accept
cryptocurrency
as
payment
for
vehicles.

Ferrari,
along
with
Porsche
and
Lamborghini,
is
an
iconic
brand
and
status
symbol
favored
by
successful
crypto
traders,
who
have
also
been
keen
collectors
of
Rolex
and
Audemars
Piguet
watches
over
the
past
decade. 

The
manufacturer’s
announcement
that
it
will
now
accept
crypto
could
represent
significant
savings
for
traders,
who
no
longer
need
to
sell
their
crypto
assets
into
regular
currency
before
buying
vehicles
with
price
tags
well
above
$100,000.

Travel
and
hospitality

Travel
and
leisure
have
been
among
the
biggest
beneficiaries
of
the
post-pandemic
“revenge
travel”
trend,
which
saw
millions
of
consumers
relieve
their
pent-up
demand
for
airline
flights
and
hotel
bookings
following
several
years
of
lockdowns
and
restrictions
on
freedom
of
movement.

Once
again,
the
high-income
bracket
is
leading
the
trend,
with
private
jet
charter
businesses
like
LunaJets,
and
luxury
cruise
providers
like
Royal
Caribbean
accepting
crypto
payments.

Conclusion

With
cryptocurrencies
now
accepted
by
mainstream
retailers
at
various
price
points,
especially
at
the
higher
end,
there
can
be
no
doubt
that
cryptocurrency
has
come
of
age
as
a
mainstream
asset.

Despite
fluctuations
in
the
value
of
Bitcoin
and
other
crypto
assets,
retailers
are
putting
their
faith
in
cryptocurrency
and
the
spending
power
of
successful
traders
as
they
seek
to
attract
a
new
generation
of
customers. 

We
expect
to
see
this
trend
expand
in
the
years
to
come
as
competitors
realize
the
benefits
of
accepting
crypto
payments
in
addition
to
cash,
credit
cards,
and
other
electronic
settlement
methods.