Demand for crypto debit cards surges 194% in 12 months
24 Feb, 2021 CryptoParrot
As the cryptocurrency sector matures, debit cards are gaining popularity while helping push for mainstream adoption of digital assets. Consequently, interest in crypto debit cards has been growing in recent months.
Data presented by Crypto Parrot indicates that global interest in the keyword ‘crypto debit card’ has surged by 194.1% over the last 12 months on the Google Search platform. The interest in the phrase peaked in February 2021 with a popularity score of 100. In February last year, the phrase registered a score of 34.
In terms of countries, Nigeria leads with a peak score of 100 while Australia ranks second with 45. Interest from the United States stands at 39 to rank fifth.
Google trends platform analyzes the popularity of top search queries on Google Search across various regions. A value of 100 is the peak popularity for the term, while 50 means that the term is half as popular.
What is driving interest in crypto debit cards?
Interest in crypto debit cards began rising around 2018 when most providers launched them into the market. Like the cryptocurrency markets themselves, interest in crypto cards has largely mirrored the growth in volume and valuation of cryptocurrencies as a whole.
Currently, the sector has experienced a significant rally led by Bitcoin hitting a new record price with interest in the phrase recording a maximum score. Similarly, the last highest score was 58 in January 2018, a month after Bitcoin registered the $20,000 all-time high.
The interest in crypto debit cards also points to increasing adoption of digital assets globally. With the cards, crypto holders can start spending in the real world.
Furthermore, there has been an explosion of companies like Visa and Mastercard getting involved in crypto payment systems through debit cards. At the same time, more merchants are increasingly adding digital currencies to payment methods. It is, therefore, logical that people would be interested in acquiring crypto debit cards.
The future of crypto debit cards
Although crypto debit cards are surging in interest, there is still a hurdle of regulation. Being a recent phenomenon, it is likely that not all countries will allow their use easily.
Overall, cryptocurrency debit cards are helping holders get involved in the digital assets’ space. In return, the cards are bridging the gap between the digital asset world and traditional finance space.
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