The digital asset space continues to attract mainstream adoption from numerous brands. This might push female beauty brands to adopt Bitcoin as a payment means. An essential factor that would accelerate adoption within the beauty industry is consumers’ demand for virtual assets. Bitcoin, the world’s most popular cryptocurrency, is not used to store value alone, as many other people globally use the coin to pay for items.
A recent survey conducted in the US showed that around 46 million consumers in the country plan to use Bitcoin to pay for items. This is not surprising as one of the biggest payment companies globally, Visa, revealed that it had processed over $1 billion payments since it launched its crypto cards.
US brands adopt Bitcoin
Many mainstream US brands have adopted Bitcoin. Some of the mainstream brands include Starbucks and Target. The new crypto outlook might have pushed adoption for crypto payments in female beauty and other brands. The idea behind the brands accepting Bitcoin is to accelerate female adoption of cryptocurrency. Many studies have revealed that there is low adoption of cryptocurrency amongst females. There has also been a lot of discussions centered around promoting female adoption of crypto.
Beauty companies like Glamnetic, an eyelash extension brand, have shown interest in adopting cryptocurrency. The firm’s founder, Ann McFerran, explained that the beauty firm is collaborating with BitPay to ensure the acceptance of Bitcoin, Doge, and Ethereum for payments. The beauty firm is one of the few beauty companies accepting virtual assets for payments. The executive revealed that she first invested in crypto in 2017, and this made her push the acceptance of crypto for Glamnetic.
The businesswoman explained that when she first invested in Bitcoin, she observed that males mostly dominated the digital asset industry. McFerran believes that Glamnetic’s acceptance would encourage females into going into the digital asset industry.
McFerran reveals the reason behind low adoption in beauty brands
The entrepreneur opined that most beauty brands don’t accept digital assets for payments. However, she explained that Glamnetic’s adoption could change females’ outlook on cryptocurrency while faulting the insecurity of digital asset as a payment means as a reason for low adoption. McFerran pointed out some controversial events in the industry, one of which is Mt. Gox, being the reasons for females’ low level of interest.
Glamnetic’s founder also revealed that females are not informed concerning cryptocurrencies. She wants to educate others on the risks and benefits associated with the investment class. Another crypto enthusiast interested in female adoption of cryptocurrency is Sanja Kon. Sanja Kon is the Chief Executive at Utrust, who believes that educating females would accelerate female adoption in the crypto industry.
The entrepreneur believes that educating females would make them comfortable to use the assets as a payment means. The CEO opined that adoption as a payment means would only increase awareness but not usage. She believes that educational tools are the keys to helping females become interested in using digital assets. Glamnetic also assured that it would educate females through various means and has used the social media platform, TikTok, to educate people on cryptocurrencies.
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