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Over 1 million U.S. sellers accept Bitcoin via Square, but actual Bitcoin spending remains low, says Spiral.

Protocol Fundamentals
28 Oct 2026, 12:12 WIB
Crypto news
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Neutral
Over 1 million U.S. sellers accept Bitcoin via Square, but actual Bitcoin spending remains low, says Spiral.

Spiral reports that while more than one million U.S. sellers can accept Bitcoin payments through Square, actual usage by customers remains limited. Square converts Bitcoin payments into dollars by default, reducing merchant exposure to Bitcoin volatility but leaving spending decisions to customers who often prefer using dollars for everyday purchases. Spiral highlights that enabled merchants do not equate to active Bitcoin transactions, emphasizing the need for data on completed and repeat Bitcoin payments to measure true adoption. The report also notes challenges like tax treatment, volatility, and customer preference that hinder Bitcoin's use as a regular payment method, despite improved Lightning Network tools. Spiral calls for more transparent data and innovative incentives to boost Bitcoin spending over the next five years.

Bitcoin merchant adoption is the story's subject, with Pluang data providing market context. As of Oct 28, 2026 15:31 WIB, 43 of 50 major cryptocurrencies rose today. Notable movers include SUSHI at Rp3.769 with 100% sell activity, AAVE at Rp2.471.290 with 71% buy activity, and NEO at Rp38.581 with 65% buy activity.

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