Coinme CEO Neil Bergquist Outlines Path to Mass Crypto Payment Adoption
Cryptocurrency continued its march toward mainstream adoption this year, with North American markets receiving an estimated $1.3 trillion in on-chain value between July 2023 and June 2024. But the promise of everyday crypto payments remains largely unfulfilled. While institutional giants drive 70% of regional volume through million-dollar-plus transfers, the infrastructure for routine transactions — buying coffee, paying rent, sending money to family — still lags behind the vision that launched the industry.
Neil Bergquist, CEO of crypto exchange and bitcoin ATM provider Coinme, wants to change that and has seen significant growth over the course of his company’s 10 years of building the infrastructure to support cash-to-crypto conversions.
“We’re seeing further evolution of crypto use cases entering various areas for mainstream adoption,” Bergquist says. “We’re seeing more and more use cases around crypto payments, where crypto is being used both as a store of value and as a medium of exchange to buy goods and services.”
Building the Rails
For Bergquist, the journey toward mainstream adoption has required more patience than many expected. “It has taken longer to create the customer experience that was conceived 10 years ago,” he notes. “Ideas are easy, execution is very difficult.”
Coinme’s approach focuses on the unsexy but essential rails: launching more bitcoin ATMs, perfecting fiat payment processing, and custody solutions. This infrastructure enables partners to build their own crypto-powered products without starting from scratch.
“Because Coinme has these baskets of infrastructure, we’re able to allow the partner to pick and choose the user experience that they want to provide,” Bergquist says.
The timing for such infrastructure appears increasingly relevant. Traditional financial institutions are moving beyond cautious observation into active participation, exemplified by BlackRock’s bitcoin exchange-traded fund accumulating $20 billion in assets within its first 200 days. As these institutional walls fall, the need for robust bridges between traditional and crypto finance grows more acute.
The Merchant Opportunity
The advantages of crypto payment rails also exist at the merchant level.
“Crypto has a lot of benefits to be used for payments because there’s no chargeback risk, there’s no Visa or Mastercard processing fees. It’s actually faster and cheaper as a payment rail, especially because it’s digitally native,” Bergquist says.
These savings could flow to consumers, much as cash discounts do today.
“You probably see the signs that say pay in cash and get a discount. We will see something very similar around paying in digital currency and receiving a discount,” Bergquist predicts.
Reimagining the Wallet
Beyond simple payments, Bergquist envisions a fundamental shift in how people manage money. Rather than holding fiat cash subject to inflation and depreciation over time, consumers could keep wealth in assets that act as a store of value from the moment of purchase.
“Imagine if you had your investment portfolio, stocks and bonds and gold and bitcoin, and you could just have that be your checking account essentially,” he says. “Then whenever you bought something, it would just convert it into the dollar to pay the merchant.”
This vision may resonate particularly with younger investors. Market data from Bank of America’s 2024 survey of wealthy Americans shows that 28% of investors aged 21 to 43 see significant growth potential in crypto and digital assets, compared to just 4% of those over 44. The generational divide mirrors early internet adoption, a parallel Bergquist draws explicitly.
“It’s like using the internet in the early stages. It wasn’t easy to get online,” he points out. “Now you’re just always online. With digital currency, companies like Coinme are able to plug into these different blockchains, so we’re always online, but then create that user experience where it removes the complexity.
“We’re a platform that provides crypto infrastructure,” he continues. “For us, the goal is to really enable people to access that open financial system where people can move their digital currency into the custodian of their choice. Imagine if your online bank account gave you that amount of freedom to move your money.”
Regulation and Institutional Adoption
The U.S. currently ranks fourth globally in crypto adoption, yet regulatory uncertainty continues to create friction. This is particularly evident in the stablecoin sector, where activity increasingly flows to non-U.S. regulated exchanges despite growing demand for dollar-denominated digital assets.
Still, Bergquist sees encouraging signs in Washington. “Just the fact that there’s a crypto bill in Congress is a totally new world. And the bill is not about banning crypto. It’s about providing guidance to safely allow this industry to grow.”
Rather than sudden disruption, Bergquist likens crypto adoption to glacial change. “Sometimes it’s more like an iceberg than an earthquake. It takes time, slowly grinding its way into existence, and eventually changes the landscape over time.” ”
This gradual transformation is already visible in institutional attitudes. Bergquist points to JP Morgan’s shift from denouncing bitcoin as “fraud” in 2017 to becoming one of its largest indirect holders through MicroStrategy.
As these institutional outlooks continue to change, the vision of seamless digital transactions may finally be approaching reality. And the next phase of crypto’s evolution — from speculative asset to everyday financial tool — may depend less on breakthrough technology than on the quiet work of building better pipes.
Follow – https://bitcointodays.com for More Updates
