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- 40% of Americans are willing to accept loyalty rewards in the form of cryptocurrencies instead of the traditional cash rewards.
- Companies like Whole Foods, Ulta, Nordstrom and Crate & Barrel have collaborated with Spedn.
- Starbucks allows its customers to convert bitcoin to reward points using the crypto payment app, Baktt.
The mainstream adoption of a cryptocurrency over the first five months of 2021 is not unknown to us. Many US retailers have started to accept cryptocurrencies in exchange for service, suggests an article by RetailWire. As per Forbes, Americans have grown very comfortable with using cryptocurrencies.
Companies Collaborate With Spedn to Allow Bitcoin Payments
Three out of every ten Americans think that cryptocurrencies are the future of payment. In fact, almost 40% of Americans are willing to accept loyalty rewards in the form of cryptocurrencies instead of the traditional cash rewards. Subway, the food chain giant, has been accepting Bitcoin payments in its selected outlets since 2013. Starbucks, the coffee retailer giant, allows its customers to convert bitcoin to reward points using the crypto payment app, Baktt. Companies like Whole Foods, Ulta, Nordstrom and Crate & Barrel have collaborated with Spedn, which will allow customers to buy products using bitcoin.
Slim Jim Promoted Dogecoin as a Part of Their Social Media Strategy
In April, Slim Jim started promoting cryptocurrency. It was a part of their social media strategy. As per Coindesk, after sharing Dogecoin-related memes, Twitter followers increased by a massive 160% and triggered social media engagements. The use of cryptocurrency is undoubtedly growing, as 17% of Americans at least own a share of bitcoin.
Dogecoin, the meme cryptocurrency, has grown by 12,000% in its value in just five months of 2021. The crypto’s growth is primarily held responsible to Elon Musk. We have seen him massively influence the crypto market. Some analysts think that this is not good for its decentralization. The volatility of the market has also prompted the regulators to take serious steps to monitor the risks. Retailers accepting cryptocurrencies have been seen as a potential danger to the economy by many. However, another cohort of people believes that retailers must accept cryptocurrency but with extreme caution.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
