Behind the Bitcoin surge: Consumers prefer to hold it, not spend it

As bitcoin rises a cumulative 60 percent in 2021, many investors may choose to hold the cryptocurrency rather than spend it.

BitPay, one of the world's largest cryptocurrency payment processors, said consumers and businesses are increasingly starting to use cryptocurrencies other than bitcoin to make payments.

The data shows that among merchants using BitPay, bitcoin payment volume is down to about 65% from 92% in 2020, ethereum payment volume is at 15%, stablecoin is at 13% and other cryptocurrencies - dogcoin, shiba coin and litecoin - are at 3%.