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A new survey involving 300 contractors and 700 Americans explored the various perspectives in the field of crypto payments. It seems that in the construction sector, crypto adoption has a growing role.. but let’s look at the results.
Summary
Crypto payments: the results of the survey on the use of cryptocurrencies in the construction sector
Apparently, crypto payments are increasingly making their way into the construction sector. This is according to data from the survey conducted by JW Surety Bonds, which interviewed 300 contractors and 700 Americans to explore their perspectives.
In fact, it seems that 1 contractor out of 5 has already received crypto payments for their work, while 65% said they are open to this possibility. Not only that, 5% of contractors even said that they would offer clients a 10% discount if they paid in cryptocurrency.
In general, crypto payments offer both advantages and challenges. Here too, the survey results showed the positions of the respondents on the matter.
In terms of advantages with crypto payments, 43% identified anonymity, 40% the investment potential and value appreciation, and 39% the freedom to work from anywhere in the world. Tied at 37% were two responses: accessibility for those without a traditional bank account and faster international transactions.
On the contrary, the responses regarding the challenges of crypto payments were 62% limited acceptance by merchants and businesses, 56% volatility of the value of crypto, and 53% general ignorance about crypto.
Other concerns such as the risks of theft and hacking and the tax implications have also been identified as an industry obstacle, at 50% and 49%, respectively.
Payments in crypto in construction: the perception based on generational belonging
The perception that crypto payments have a positive impact on the construction sector, varies according to the generation of belonging. In fact, 33% are baby boomers, 35% are Gen X, 30% are Millennials, and only 15% belong to Gen Z.
Such perception is fundamental to understanding the opinion of Americans on crypto as a payment method for contractors, but also their overall commitment to digital currencies.
In this regard, it emerged that 50% of baby boomers appreciated the accessibility for those who do not have a traditional bank account. Meanwhile, 50% of Gen X appreciated the anonymity of cryptocurrency more.
The millennials (42%) saw the greatest investment potential and value appreciation, while generation Z (48%) appreciated the aspect of decentralization, which reduces reliance on a single entity.
Speaking instead of crypto preferences for payments, Bitcoin (BTC) has been the dominant cryptocurrency in the construction sector, with 72%. Following that is Ethereum (ETH) with 43%, Binance Coin (BNB) with 31%, Litecoin (LTC) with 22%, Tether (USDT) with 15%, and Dogecoin (DOGE) with 15%.
In terms of preferences, however, the percentages change. 46% of Americans said they prefer payments in BTC, 29% in ETH, 13% in DOGE, 12% in LTC, and 11% in USDT.
BTC at its new ATH
Speaking specifically about Bitcoin (BTC) as the preferred and dominant crypto in construction sector payments, today BTC is recording a new ATH.
In fact, at the time of writing, BTC is worth $97,102, just dropping from its new all-time high or All-Time High (ATH) of over $97,600.
The crypto community is buzzing to see BTC reach six figures, meaning surpassing the threshold of $100,000.
Recently, Standard Chartered Bank published its forecast that this $100,000 milestone could be achieved by BTC by the end of 2024.