Significant Surge: More than 170% Increase in Bitcoin-Accepting Enterprises in 2023, Indian Businesses Included – Report
Rise in Bitcoin Adoption: 6,126 Businesses Now Accepting BTC Payments Globally
In the dynamic world of cryptocurrency, Bitcoin saw a remarkable surge in merchant acceptance, with a staggering 174 percent increase in businesses embracing this digital currency for transactions. However, the crypto giant experienced a tumultuous period in 2023, witnessing a downturn in its value following significant market disruptions such as the collapse of FTX and Terra. Throughout most of the year, Bitcoin maintained a trading range hovering around $30,000 (approximately Rs. 24.9 lakh), only to make a striking leap beyond $40,000 (approximately Rs. 33.2 lakh) by the year’s end.
The data provided by BTC Map showcased an impressive rise in Bitcoin-friendly establishments, reaching a total of 6,126 by the conclusion of the previous year. To underscore this surge, statistics indicated a mere 2,207 merchants were onboarded to accept Bitcoin payments at the beginning of 2023, marking a substantial upsurge within the span of a single year.
BTC Map identifies regions where BTC is being used for daily transaction purposes through OpenStreetMap where people and merchants can tag these pro-crypto vendors and merchants. BTC Maps showing a rise in the number of pro-BTC merchants also indicates that more people are actively tagging spots where crypto payments are being accepted.
The regions of Central and South America alongside those in the US and Europe showed larger clusters of BTC-accepting businesses. Over 1,000 BTC-accepting businesses were tagged in Italy and 380 were marked in South Africa.
BTC Maps data pinpointed several cities in India, notably Surat, Mumbai, Gaya, Delhi, and Chennai, where vendors embraced Bitcoin payments. However, no such tags were identified in China or Russia, underscoring differing trends in cryptocurrency acceptance across various regions.
Amidst evolving regulatory landscapes globally, the potential for an increased adoption of crypto payments by additional brands seems promising. The gradual resolution of regulatory challenges may pave the way for more companies to join the realm of cryptocurrency-based transactions in the foreseeable future.
An illustrious example of this shift came from the renowned Italian luxury car manufacturer, Ferrari, which made headlines by initiating Bitcoin, Ether, and USD Coin as accepted payment methods in the United States in October 2023. This move signified a significant stride toward embracing digital currencies within the high-profile world of luxury brands.
Fashion label Ralph Lauren, McDonald’s, and Gucci are among other brands that have opened crypto payments in select regions.
