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Is Crypto Becoming Less Popular As a Payment Method?

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Is Crypto Becoming Less Popular As a Payment Method

(CTN News) – Throughout the crypto market, demand for crypto has been a hot topic. Due to the deterioration in the market’s fortunes, fewer traders are willing to purchase assets.

Consequently, JP Morgan believes that the demand for crypto as a payment method has declined over the last few months.

Crypto usage in the metaverse, however, has been phenomenal in recent months, according to the bank.

JP Morgan exec believes in the metaverse

Bloomberg interviewed an executive of the bank about this topic, citing how factors have impacted the demand for crypto as a means of payment by clients.

Over the last few months, there has usually been a surge in demand in that regard, but things have changed drastically recently.

Although he mentioned that demand in that area has been on a downward spiral, he argued that the company still provides services to those using digital assets for that purpose.

Gaming is one area where the use of these assets is increasing significantly. Metaverses are currently showing promise in the market, according to the executive.

Survey shows a slowed usage of crypto

Jamie Dimon, CEO of the bank, recently reiterated his position on digital assets, particularly Bitcoin.

Dimon stated that he is still not convinced about the idea of owning a digital asset and what it represents.

They are like a Ponzi scheme but now operate in a decentralized market. Blockchain and the decentralized aspect of the crypto market are understood to be strong points of his.

Over 80% of merchants worldwide choose to get paid in digital assets, according to a previous survey.

However, only a tiny fraction of the surveyed population has expressed interest in receiving payments in digital assets.

According to a survey conducted by an American bank, users hold a contrasting beliefs.

As of now, 39% of users claim to use digital assets as payment methods, while 53% are interested in joining this trend in the future.

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