Bitcoin News

US Bitcoin Users: Crypto Scorches Investors Who Can Least Afford It

  • Bitcoin users in the United States are willing to transact using the crypto asset for day-to-day goods and services
  • The intention of the US users revealed via a survey result conducted by PYMNTS and BitPay
  • Although the users are willing to purchase at least one product category using BTC, it seems they are unaware of taxes on transactions

Bitcoin has attracted mainstream attention with its tremendous price performance. After achieving new all-time highs currently, the coin is down by more than 50% from its last ATH. Although BTC has helped many to earn, it burnt the funds of a lot of fresh investors. Still, the US users of Bitcoin and other altcoins have been observed viewing the asset as something more than it is. Most of the United States users want to spend cryptos for day-to-day transactions. According to a recent survey of crypto users conducted by PYMNTS and BitPay, among 30 million crypto users, approximately 24 million are willing to use BTC for purchases.

PYMNTS with BitPay have surveyed US crypto users

PYMNTS has surveyed the US users of cryptocurrency by associating with BitPay. The survey was conducted by 8,008 crypto users and non-users in the United States. The data demonstrated that there are a majority of users who have the slightest idea about the true potential of crypto assets.

Approximately three-fourths of the respondents to the survey view digital assets like Bitcoin as an investment opportunity. Notably, the majority of the respondents want to transact with the coins they purchased. Moreover, the survey reveals half of the current owners of virtual assets e bought due to FOMO.

Taxes hindering day-to-day transactions with Bitcoin

The US crypto users seem to view cryptocurrency as something more than just a store of value. Following the survey results of PYMNTS, it is observed that a majority of crypto users want to transact with Bitcoin. However, users’ interest points to one of the significant obstacles hindering when it comes to taxation.

While spending BTC, a user faces capital gains tax, which is sometimes sizable. While paying a fraction of the flagship token for a cup of coffee, the purchase will cost more than four times the actual price of the cup of coffee while factoring in the tax liability. However, observing the users’ intention, the US Bitcoin users are unaware of big liability bite.

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Ahtesham Anis

Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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