$296 Million Worth of Bitcoins Spent on Black Friday and Cyber Monday

Black Friday is an American tradition for the retail industry, where they offer large savings on popular products to attract more customers to their stores. The special day is now also gaining ground above, with many European countries also “celebrating” the day nowadays.

 

The Bitcoin retailers also celebrated Black Friday, but also created their own sales day, which is now known as Cyber Monday. These two days turned out to be the biggest sales days using Bitcoins this year, by far.

 

A total of $296 million was spend in Bitcoins on Black Friday and Cyber Monday, with $152 million spent on Black Friday and $144 million spent on Cyber Monday, according to insights provided by Bitnet.

 

Bitcoin actually registered as the 9th most used form of payment on Black Friday and the following weekend, only finishing behind the traditional methods such as credit/debit cards, PayPal and bank wire. This is great news for Bitcoin retailers, who can see that it can pay off to have Bitcoins integrated as a payment method, as the savings made in fee’s by accepting Bitcoins are huge.

 

“Like all other payment networks, bitcoin saw a surge in volume over Black Friday and Cyber Monday, with higher than usual payment totals over the two days. “The Bitcoin network handled $296M in two days – that’s impressive when taking into account the currency is only five years old and is still growing with respect to merchant and consumer adoption.” VP Solutions Strategy Manager of Bitnet, Akif Khan said in a press release.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

Recent Posts

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

5 hours ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

2 days ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

2 days ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

2 days ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

2 days ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

4 days ago