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- Based on recent research, there was a significant increase in the Bitcoin user base during the COVID-19 pandemic.
- The report suggested that there was a 50% surge in online purchases with respect to products such as cannabis and video games.
- Two other business sectors that observed increased sales using BTC were Nutritional Supplements and Business hosting.
- Another aspect claimed by the report was the tendency of the E-Commerce store owners to hold on to the cryptocurrency.
Based on recent research, there was a significant increase in the Bitcoin user base during the COVID-19 pandemic. Unfortunately the two important products which are purchased during the lockdown using the cryptocurrency are “Weed” and “Video games”(pun intended). The report suggests that there was a 50% surge in online purchases with respect to products such as cannabis and video games. This research has interestingly revealed the priorities of the common people in general during the lockdown.
Bitcoin Online Purchase Trends
In fact, the study also shows the irrelevancy of other essential products during the lockdown. Video games and weed can, therefore, be termed as “essentials” under such circumstances on an online trade-commerce perspective. The merchants, when enquired about the increase in revenue, commented that people don’t have much to do under present lockdown. In addition to the above revealing, the data also discloses an overlap between those purchasing Video games and those purchasing weed using BTC.
On the other hand, two other business sectors that observed increased sales using BTC were Nutritional Supplements and Business hosting. However, the increase in nutritional products can relate to common people’s intention to remain healthy under such a crisis. Though web-hosting services saw an increase in revenue scale, ironically such a pattern could not be observed in the Digital Products market.
The reports observed that Bitcoin-based revenue in the industry was relatively low in comparison to the above-mentioned sectors. Such a trend suggests that people are opting to purchase only essential products that may run out of the supply chain. In cases wherein the lockdown continues to extend to an unprecedented duration.
Holding tight
Another aspect claimed by the report was the tendency of the E-Commerce store owners to hold on to the cryptocurrency. It suggested that 44.9% of such owners had decided to hold their BTC assets. Alongside the plans to purchase more of the asset. Though the mentioned major products have witnessed a hike in revenue, such tendencies can be accounted for the increased Bitcoin’s value. Besides the ultimate realization of the asset’s potential. Also, three are chances other Bitcoin-based products will satisfy people’s daily needs if the lockdown extends.
