With more and more of us now choosing to spend our cryptocurrency holdings – instead of simply hoarding tokens – you might assume that people are starting to spend big on finance and investment. And according to a new report, you’d be wrong.
Per data compiled by financial platform 2gether, their European clients are actually spending their hard-earned tokens in restaurant and hotels, where some are even more likely to pay in bitcoin and altcoins than they are in euros. And as for finance and investment – well, they don’t even make it into the top five crypto spending categories.
Instead, almost 33% of the company’s crypto pay customers are choosing to spend coins in restaurants and hotels. Crypto-friendly supermarkets and grocery stores are another winner, with a 19% stake. Others are spending on communications and transport (both 12%).
Recreation and culture accounted for some 8% of crypto spending. Finance and investment ranked way down in sixth, with under 7% of the share.
2gether says it collected the data from its 10,000 users based in 19 European Union countries that use the euro. The platform conducted its survey between April and December 2019.
The company offers its customers a pre-paid Visa debit card that lets them pay in either cryptocurrency or euros. Its report claims that its users spend around USD 125 worth of crypto per month, and just over USD 147 worth of euro.
The report also provided some interesting demographic data: over half of its users are aged between 26 and 45, and over three-quarters are male. The most popular declared professions included lawyers, accountants and economics experts.
Bitcoin was unsurprisingly customers’ token of choice, with over half of users choosing BTC. Ethereum followed in second place with a 39.28% share.