Bitcoin can reach a million merchants. Why aren’t people spending it?
· developer · Sentiment: bearish
Bitcoin is now accepted by nearly one million merchants worldwide, yet actual spending remains minimal as most holders prefer to treat it as a long-term store of value rather than a medium of exchange. High price volatility, tax implications on every transaction, and the expectation of future appreciation continue to discourage day-to-day use. The key implication is that widespread merchant adoption alone is insufficient to drive Bitcoin’s velocity; meaningful spending will likely require greater price stability and regulatory clarity that reduces the cost of transacting.