As more and more of us choose to spend their crypto currency holdings – instead of just hoarding tokens – one might assume that people are starting to invest a lot of money. But according to a recent report, you would be wrong.
According to data compiled by the 2gether financial platform, their European customers are actually spending their hard-earned tokens in restaurants and hotels, where some are actually more likely to redeem Bitcoin and Altcoins than in euros. And as for finance and investment – well, they don’t even make it into the top five crypto spending categories.
Instead, nearly 33% of the company’s crypto-pay customers choose to spend coins in restaurants and hotels. Crypto-friendly supermarkets and grocery stores are another winner, with a 19% share. Others spend on communications and transportation (12% each).
Around 8% of crypto expenditure is spent on leisure and culture. In sixth place is finance and investment with less than 7% of the share.
2gether says they collected the data from its 10,000 users from 19 European Union countries that use the euro. The platform conducted its survey between April and December 2019.
The company offers its customers a prepaid debit card from Visa that allows them to pay either in crypto currency or in euros. According to the survey, users spend around 125 US dollars per month for crypto currency and just over 147 US dollars for euros.
The report also provides some interesting demographic data: More than half of the users are between 26 and 45 years old, more than three quarters are male. The most popular reported occupations include lawyers, accountants and economists.
Not surprisingly, Bitcoin was the first choice for customers, with more than half of the users choosing BTC. Ethereum follows in second place with a share of 39.28%.