The crowdsourced mapping data reports a concentration of Bitcoin-accepting vendors in Europe and Latin America.
Bitcoin-accepting vendors reported: Increased 174% in 2023
Data from Bitcoin merchant mapping provider BTC Map reveals a significant increase in the number of merchants accepting Bitcoin payments globally in 2023. The data shows that the count of restaurants, bars, shops, and services listed to accept Bitcoin reached 6,126 by the end of 2023. This marks a nearly three-fold increase from the 2,207 merchants listed at the beginning of the year.
However, it’s worth noting a slight decline from the peak of 6,590 merchants recorded in late September. Despite the minor dip, the overall trend suggests a growing acceptance and adoption of Bitcoin as a payment method by various businesses around the world.
Shadowy Suppertaggers ftw. 🤟 https://t.co/TO0prl431n
— ⚡ BTC Map ⚡ (@btcmap) January 7, 2024
BTC Map utilizes open-source mapping data from OpenStreetMap, allowing businesses and users to tag locations where people can pay with Bitcoin. The increase in the number of merchants listed on BTC Map could be attributed, in part, to users more actively adding businesses to the database.
The map illustrates varying concentrations of Bitcoin-accepting merchants globally. Central and South America show larger concentrations, while Africa and Asia have fewer listed merchants. The United States and Europe also exhibit higher numbers of merchants accepting cryptocurrency. In Southeast Asia, the Philippines stands out with the most listed merchants, while virtually none are listed in China, India, and Russia.
It’s noteworthy that, according to a report in November, some merchants accepting crypto assets tend to sell them back to markets after receiving them, potentially impacting the overall utility of these assets in commerce.
Also read: Only 39% of financial advisers believe Bitcoin ETF will be approved in 2024