The cryptocurrency bear market has affected how people make cryptocurrency-based payments, but Bitcoin is expected to remain a payment tool despite the volatility, according to data from BitPay, according to Cointelegraph.
Insights from Cointelegraph said that Bitcoin's share of payments in total BitPay transactions is declining in terms of cryptocurrency winter, but it is considered a popular cryptocurrency for payments on the platform. Bitcoin-based payment sales volume at BitPay was 87% last year, and will drop to 52% in the first quarter of 2022, according to Merrick Theobald, BitPay's vice-president of marketing. In terms of transactions, the amount of Bitcoin sold on BitPay is relative to the total amount of Bitcoin-based cryptocurrency payments.