Majority of Crypto Spending Is on Food and Clothing, Not Drugs: Survey

Michael LaVere
  • A new survey by research firm Visual Objects found the majority of crypto spending is on day-to-day purchases.
  • Report highlighted the discrepancy between the perception of crypto being used for illicit items and the reality of user spending. 

A new survey shows people spend more cryptocurrency on food and clothing than illegal drugs. 

According to survey results published by the research firm Visual Objects, cryptocurrency users spend the majority of their digital money on food and clothing. The survey, which involved 983 U.S. respondents who were “familiar with digital currency,” included more than 120 individuals who have made purchases with crypto assets. 

Visual Objects highlighted the discrepancy between the perception of crypto-asset spending and its actual use. The majority of respondents predicted the top use cases for crypto would be trading and illicit activities, despite the majority spending their digital funds on food and clothing.

The report reads, 

More than one-quarter of people (38%) spend cryptocurrency to buy food, and 34% use it to buy clothes. Still, 26% of people have spent their crypto on more dangerous items such as weapons (15%) and drugs (11%).

The report continued, adding that 40 percent of respondents believe crypto is primarily used for stock purchases, while 30% said the purchase of “illegal items.”

The survey found fewer than one-fifth of respondents had invested in cryptocurrency, with the majority indicating they preferred “mainstream” forms of money. Bitcoin was by far the most popular currency to own. Of the respondents holding cryptocurrency, 72% indicated they had used crypto for day-to-day purchases. 

Featured Image Credit: Photo via Pixabay.com