Bitcoin accepting merchants experienced a 174% growth in 2023

The count of merchants officially accepting Bitcoin (BTC) payments globally surged nearly threefold in 2023, according to data compiled by BTC Map, a leading Bitcoin merchant mapping provider.

Bitcoin accepting merchants experienced a 174% growth in 2023

Based on the latest statistics from BTC Map, the tally of restaurants, bars, shops, and various services acknowledging the digital currency reached 6,126 by the close of 2023, witnessing a substantial rise from a mere 2,207 merchants at the beginning of the year.

Although there was a minor drop from the peak of 6,590 merchants recorded in late September, the overall trend highlights a significant adoption and integration of Bitcoin in various business sectors. BTC Map utilizes open-source mapping data from OpenStreetMap, enabling businesses and users to tag locations where Bitcoin payments are accepted. The increase in the number of merchants may also be attributed to users more actively contributing to the database by adding businesses that accept Bitcoin.

2023 witnessed a 174% rise in the adoption of Bitcoin by vendors

The map reveals notable clusters of merchants accepting BTC, particularly concentrated in Central and South America, while fewer such merchants are evident across Africa and Asia. Both the United States and Europe exhibit a substantial presence of merchants embracing cryptocurrency. Notably, the Philippines emerged as a leader in Southeast Asia, whereas minimal representation was observed in China, India, and Russia, according to the map.

A November report by Cointelegraph highlighted a trend where numerous merchants accepting crypto assets opt to sell them back to the markets after receiving these digital currencies.