At the end of Q3 2021, it was confirmed that the total number of companies that accept cryptocurrency payments had reached 23,600. Overall, this figure has increased by 277% compared to 2020. This proves that a growing number of small, medium and large businesses have joined the growing trend towards cryptocurrency payments.
Merchants who accepted digital currencies earned $9.4 billion in 2020. On average, they each earned about $550,000 in bitcoins and other popular digital assets. Since then, the cryptocurrency market has risen 1107%, which has helped long-term investors not only maintain but also multiply their income.
Companies that have added crypto payments
Not only small and medium-sized businesses, but also many of the largest corporations have begun to follow the trend towards paying in digital assets:
- Tesla. Elon Musk has been a major headliner in crypto news for months. Tesla officially began accepting cryptocurrency payments in April 2021. Currently, owners can only purchase electric cars for one cryptocurrency, BTC.
- Pavilions Hotels & Resorts. The company, which owns numerous hotels in 14 countries, has also added the ability to pay with digital assets. Unlike Tesla, the company accepts payment in 40 cryptocurrencies.
- Xiaomi. A world-renowned consumer electronics manufacturer has opened up crypto payments to its Portuguese customers.
- AMC. A major cinema chain has added BTC payments. The giant is now thinking of ways to pay in several other digital currencies.
- Magnum. A major real estate company in New York has also started accepting crypto payments.
There is no doubt that crypto payments have become a real boon for small and medium-sized businesses. In the US, some 36% of SMEs have already added the cryptocurrency payment option, and they have done well. Together with the new payment method, they have increased their audience by more than 300 million customers.
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