Special report: How small businesses feel about cryptocurrency

In this special report, we take a deep dive into the world of cryptocurrency to reveal how many small businesses currently accept it and if people think they should. The insights are based on surveys of 2,000 small businesses¹ and 8,000 workers² throughout the U.S, commissioned by QuickBooks in March 2022. First, let’s start with the basics.

Do people know what cryptocurrency is?

While 45% of the workers surveyed say they have a “good” or “excellent” understanding of cryptocurrency, almost a third (32%) say their understanding is “poor” or “terrible.” Small businesses are also split here. Roughly one in five (19%) say their knowledge is “poor” or “terrible” but 54% say it’s “good” or “excellent.”

How many people own cryptocurrency?

More than a third (37%) of American workers surveyed say they currently own cryptocurrency. This is higher than other estimates—potentially because almost half of the respondents (47%) are Millennials (age 26-41) who, as we explore below, are more likely to own cryptocurrency.

Millennials most likely to own cryptocurrency

More than two in five of the Millennial workers surveyed (42%) report owning cryptocurrency. That’s compared to less than one in four Baby Boomers (23%) who completed the same survey.

What do people use cryptocurrency for?

Reflecting the fact that it’s still relatively rare for people to spend cryptocurrency, the majority of cryptocurrency-owners surveyed (72%) say it’s primarily for investment purposes. But one in two (50%) report using cryptocurrency for payments and transactions. Of these, more than three in five (63%) say this has been to buy everyday goods or services. Is this the future for cryptocurrency? It’s a hot topic with strong opinions on both sides.

How much trust do people have in cryptocurrency?

Given a hypothetical choice between a gift of $50,000 in gold or $50,000 in Bitcoin, the majority (56%) of the workers surveyed would take the gold. Price volatility is the number-one concern about cryptocurrency among both workers and small businesses.

Should small businesses accept cryptocurrency?

Opinions are again divided on this. Less than half of the workers surveyed (41%) say small businesses should accept cryptocurrency, while one in four (25%) say they should not.

How many small businesses accept cryptocurrency?

Roughly one in six of the small businesses surveyed (16%) say they can accept payments in cryptocurrency. Another 31% are considering it. But the majority (53%) currently have no plans to accept cryptocurrency.

What benefits do small businesses believe blockchain can offer?

Overall, 69% of small businesses believe blockchain technology such as cryptocurrency could help them. The number-one benefit they foresee is the potential for getting paid faster. Roughly a third (32%) say accepting cryptocurrency could boost sales.

Could blockchain solve other problems for small businesses?

Top of the list of problems blockchain could potentially solve—according to the small businesses surveyed—is the potential for lowering transaction costs. More than one in four small businesses (29%) support the idea of using blockchain to make financial services more widely available.

Footnotes

1. Methodology: Small Business Insights Survey, March 2022

QuickBooks commissioned Qualtrics to survey 2,031 small business owners and decision makers aged 18+ throughout the U.S. in March 2022. Respondents’ businesses have up to 100 employees and more than $5,000 in annual revenue. Roughly one in four (29%) are brick-and-mortar businesses. The remainder describe themselves as omni-channel, multi-channel or primarily online businesses. Almost a third (31%) are product-based businesses, more than two in five (44%) are service-based, and the remainder sell a mix of products and services. One in two (50%) are located in urban areas while the remainder are in rural or suburban locations. Percentages have been rounded to the nearest decimal place. Respondents received remuneration.

2. Methodology: Workforce Insights Survey, March 2022

QuickBooks commissioned Pollfish to survey 8,002 people throughout the U.S. age 18+ who are employed, self-employed, business owners, or have mixed incomes; with a 50:50 split between male and female respondents. Responses were collected in March 2022 via Pollfish’s audience pools and partner network using double opt-ins and random device engagement sampling methodology to ensure accurate targeting. Percentages have been rounded to the nearest decimal place. Respondents received remuneration.

Disclaimer

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