Does the popularity of crypto payments grow with BTC climbing over the price of over 70k?

The price of Bitcoin has risen sharply since the start of 2024, reigniting talks regarding the mainstream adoption of Bitcoin and other cryptocurrencies.

As the main avenue of crypto adoption in mainstream businesses, online payments have been growing rapidly over the years. 

The fast and reliable nature of crypto transfers enables for seamless transactions that take seconds to complete and are irreversible. 

As the price of BTC has risen to as much as $70,000, will this major shift on the market also affect the adoption of crypto payments among various businesses?

Bitcoin’s price rise - causes and opportunities

Bitcoin has entered a period of rapid price growth since the start of 2024, which was primarily triggered by the SEC’s decision to approve Bitcoin spot ETFs, which allows for equity funds that invest directly in Bitcoin and hold the asset on behalf of the investors of the fund. 

This gives investors much more choices when it comes to crypto investments and boosts the popularity of Bitcoin by pushing the asset further into the mainstream market. 

Individuals and businesses alike can access greater opportunities using Bitcoin and adoption by e-commerce companies as a payment method has emerged as a major tailwind for the currency. 

Bitcoin payments give vendors and consumers more flexibility and efficiency, as BTC transactions are fast, secure, and widely available without cross-border restrictions. 

One industry that greatly benefits from BTC adoption is iGaming, which allows users to play casino games and wager on sports events using Bitcoin and quickly fund their accounts and withdraw winnings without artificial barriers and delays. Some of the best online sportsbooks already accept Bitcoin and other cryptocurrencies as a method of payment and this trend is expected to continue well into the future. 

Crypto adoption rates and future prospects

As already mentioned, the rates of crypto adoption have been growing steadily over the years, with as many as 15,000 businesses big and small now accepting Bitcoin as a valid payment method. 

While this may not seem like much, the rate of growth has accelerated greatly in recent years and as the price and demand for Bitcoin continues to grow, more and more companies are likely to jump on board and embrace BTC payments to tap into the potential of a growing crypto market. 

But what does the future hold for Bitcoin adoption and is today’s growth expected to continue uninterrupted in the future? - While the pace of e-commerce companies accepting Bitcoin as a method of payment has been growing, the industry still has a long way to go to truly challenge fiat currencies on a global scale. 

Despite this, the global crypto market still has some major tailwinds up ahead, with a major one being the approval of Ethereum ETFs, which would further add to the move of crypto into the mainstream finance sphere - making Bitcoin and Ethereum more accessible to equity traders and investors as well. 

As the likes of Bitcoin grow in value, market activity will continue to rise, which further incentivizes businesses to adopt BTC as a payment method and give customers the option to purchase their products and services using Bitcoin and other cryptocurrencies. 

Possible regulatory challenges

While regulators have become more friendly towards the idea of offering crypto via equity instruments, the growing adoption of BTC and other cryptocurrencies in online payments may ultimately lead to a tightening of regulations and licensing requirements for crypto exchanges and other related companies, which could slow down the pace of crypto adoption in the long-term future. 

However, this is far from a certainty and changing attitudes of governments around the world could go so far as to boost the popularity of Bitcoin as a means of taking a more consumer and business-friendly stance on the issue and providing more opportunities and choices to consumers.