Is the demand for crypto as a payment method declining?


TL;DR Breakdown

  • Demand for crypto declining?
  • JP Morgan exec believes in the metaverse
  • Survey shows slower crypto usage

The demand for crypto has been one of the hot topics across the crypto market over the last few months. This is judged by the decline in the number of traders willing to purchase assets due to the turndown in the market’s fortunes. With this, JP Morgan has positioned that the demand for crypto as usage for payments has been on a downward trajectory over the last few months. However, the bank mentioned that crypto usage in the metaverse has seen a tremendous increase over the last few months.

JP Morgan exec believes in the metaverse

In an interview hosted by Bloomberg, an executive of the bank talked primarily about this topic, citing how factors have affected the demand for crypto as a means of payment by clients. The executive mentioned that there usually was a surge of demand due to this over the last few months, but at the moment things have changed drastically.

Although he mentioned that demand in that aspect has been on a downward spiral, he positioned that this has not stopped the company from providing services to those that wish to use digital assets for that purpose. He noted that the gaming sector is one aspect where the usage of these assets is seeing a significant uptick. The executive pointed out the metaverse as an aspect of the market presently showing promise.

Survey shows a slowed usage of crypto

Some days ago, CEO of the bank Jamie Dimon reiterated his position on digital assets, especially Bitcoin. In his statement, Dimon mentioned that he is still not sold over the idea of owning a digital asset and what they stand for in general. The top executive pointed out that they are like a Ponzi scheme but are now positioned in the decentralized market. However, his position on blockchain and the decentralized finance aspect of the crypto market is understood to be strong.

A previous survey showed that more than 80% of merchants worldwide choose to get paid in digital assets. However, only a tiny fraction of the surveyed population has signaled their interest in getting payments in digital assets in the next few years. Another survey carried out by an American bank shows a contrasting belief among users. Presently, 39% of users claim to use digital assets as means of payment, while the number of users interested in joining this trend in the future has been capped at around 53%.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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