12.1 C
Manchester
September 23, 2020
Image default
Bitcoin

More people are using Bitcoin to buy marijuana during quarantine

Sales of marijuana and video games using Bitcoin saw a considerable increase during the coronavirus quarantine

Marijuana users and gamblers turned to Bitcoin during the coronavirus quarantine, with web sales of both increasing during the pandemic.

Video game and marijuana sales revenue using Bitcoin increased 50% among the 100 e-retailers surveyed by Blockonomics. The research states that:

“Cannabis orders have increased: people are buying more marijuana than ever, with revenues above 50%. I mean, what else are you going to do at home? 💨 ”

Likewise, quarantine also directed people to video games as a means of distraction. The data does not specify whether people who buy marijuana are the same people who buy video games – but experience suggests that there may be a slight overlap.

Digital products fall into disuse – but cannabis and games survive

Two other business sectors have also seen an increase in Bitcoin-based sales – web hosting and nutritional supplements. The Blockonomics article states that:

“Nutritional supplements have also seen an increase in revenue of up to 50%, as people continue to look for alternative ways to stay healthy (possibly in response to empty food shelves in the supermarket).”

Although web hosting services have seen a sharp increase in revenue, the same cannot be said for all digital products. In fact, 75% of respondents said they had witnessed a decrease in Bitcoin-based revenue during the quarantine.

“No website offering digital products has seen an increase in revenue: 25% of respondents reported no change in revenue, while the remaining 75% saw reductions.”

Therefore, even if everyone is at home, this did not manifest itself transparently in typical digital products. As the article speculates, this can probably be explained by people who focus more on buying essential physical goods, who are at risk of getting lost in a potential downturn in the supply chain.

Nearly half of the shopkeepers surveyed revealed that they were holding any Bitcoin received, while more than 10% said they continued to buy even more. The article further states:

“Our e-commerce store owners continue to be the main believers in Bitcoin: 44.9% of respondents decided to keep 100% of their Bitcoins during that period, with 10.2% buying Bitcoin in addition.”

So, as marijuana players and users continue to part ways with BTC, store owners are very happy to become attached to it. This may have something to do with Bitcoin’s 102% increase in value over the past month and a half.

Source: CCN

Related posts

BitBay: the GAME competition is starting! | Blocksats

Aparnna Hajirnis

Bitcoin broke 1,000,000 yen NY Dow “$ Mining Problem” Behind the Fall of $1800

Aparnna Hajirnis

Halving at the doors! 3 price predictions for Bitcoin

Anupreet Kaur

Leave a Comment