The Rise in Merchants Accepting Bitcoin
The number of merchants accepting Bitcoin has been steadily increasing as more people adopt the digital asset. According to data from BTC Map, there were 6,126 merchants accepting Bitcoin by the end of 2023, a significant increase from the 2,207 recorded at the beginning of the year.
Current Count and Adoption Statistics
As of January 8, there are currently 6,332 merchants accepting Bitcoin, slightly lower than the peak of 6,590 observed in late September. Over the past year, the number of active locations has tripled from 2,000 in January 2023. Additionally, BTC Map’s stats reveal that 5,535 businesses are open to on-chain transactions, 5,107 merchants are using Bitcoin Layer 2 solution Lightning for faster and cheaper payments, and 1,050 vendors support contactless transactions.
Bitcoin Adoption Despite Volatility
Despite concerns about Bitcoin’s volatility, its adoption has continued to rise. In response to this demand, merchants of various sizes and industries have expanded their payment options to cater to new audiences.
The number of up-to-date merchants accepting BTC cataloged by @btcmap increased 174% in 2023. pic.twitter.com/EVHXHdmqkK
— Jameson Lopp (@lopp) January 7, 2024
Distribution of Bitcoin-Accepting Merchants
The data also shows that Central and South America have more Bitcoin-accepting merchants compared to Africa and Asia. The United States and Europe have a higher number of venues accepting Bitcoin as well.
Large Organizations Supporting Bitcoin Payments
One of the latest large organizations to announce support for Bitcoin payments is the Japanese giant Mercari, which has over 20 million monthly users. They will start accepting BTC payments in June.
Decline in Crypto ATMs
While the number of merchants accepting Bitcoin has been on the rise, the total count of crypto ATMs worldwide has actually declined. There were 33,628 crypto ATMs on January 1, 2024, compared to 37,827 on January 1, 2023. This marks a net decline in Bitcoin ATMs by the end of 2023, with the United States experiencing the largest drop of 15.4%.
Hot Take: Continued Growth and Adaptation in Bitcoin Acceptance
The increasing number of merchants accepting Bitcoin is a testament to its growing adoption and resilience despite its volatility. As more businesses cater to this demand, the accessibility and usability of Bitcoin as a payment method will continue to improve. While crypto ATMs have experienced a decline, this may be due to shifts in consumer behavior and increased reliance on digital transactions. Overall, the future looks promising for Bitcoin acceptance as more individuals and organizations recognize its potential and benefits.
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