Bitcoin rallies, but almost no one's using it really

Data suggests that hardly anyone is using bitcoin for anything beyond speculation. PHOTO: REUTERS
Data suggests that hardly anyone is using bitcoin for anything beyond speculation. PHOTO: REUTERS

PORTLAND • Bitcoin has a lingering problem that few people are talking about amid the renewed exuberance of the recent price surge.

Hardly anyone is using the world's largest cryptocurrency for anything beyond speculation. Data from New York-based blockchain researcher Chainalysis Inc shows that only 1.3 per cent of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years.

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A version of this article appeared in the print edition of The Straits Times on June 01, 2019, with the headline 'Bitcoin rallies, but almost no one's using it really'. Print Edition | Subscribe