We analyzed order data across a subset of qualifying merchants on the Oshi network — over 50,000 shoppers and 100,000 orders. Food, skincare, coffee, lifestyle, consumer goods. Bitcoin-focused venues were excluded. All metrics were computed at each merchant independently, then aggregated. Customer identification uses anonymized, non-identifiable platform IDs. No personal information was used.
Under 1% of customers at these stores used a Bitcoin payment gateway (Strike, BTCPay Server, OpenNode, IBEXPay, Zaprite). But that tiny segment is nearly 3x more valuable than the average customer.
Here's what we found:
They spend 38% more on their very first order. No rewards earned yet, no loyalty program. Day one, they're already outspending the average customer.
They come back. Nearly 3 out of 4 regular customers buy once and disappear. The majority of Bitcoin customers return — roughly 50% more likely to make a repeat purchase. And every Bitcoin purchase is a conscious decision. No subscriptions, no auto-ship. They open their wallet and choose to pay. Every single time.
The spending premium doesn't fade — it grows. Compared to the store median: +30% on the first visit, +42% on the second, +62% on the third. All merchant-adjusted, so it's not a difference in which stores they shop at. It's how they shop within the same store.
Lifetime value: $479 average for Bitcoin customers vs. $164 for everyone else. The median tells the same story — $204 vs. $117. Not outliers. Population-level.
"But what about bear markets?" When the price is rising, they spend 53% more than average. When it's falling, they still spend 39% more. The premium contracts but never disappears. The idea that Bitcoiners only show up during bull runs isn't supported by the data.
The finding that surprised us most: Bitcoiners are famously privacy-conscious — encrypted comms, VPNs, the whole stack. Yet they opt into marketing at higher rates than the average customer. When a privacy-conscious person gives you permission to reach them, it's because they actually want to hear from you. That's a different kind of relationship.
Each of these findings compounds: higher first purchase × more repeat visits × growing spend per visit × higher reachability × resilience across market conditions = nearly 3x lifetime value. Not one advantage. Every advantage, simultaneously.
We know what Bitcoiners already understand about themselves — low time preference, quality over quantity, values-driven purchasing, genuine brand loyalty when earned. This is just the first time anyone's put real merchant data behind it.
The full study with methodology and FAQ: https://oshi.tech/research/bitcoin-customers
Under 1% of customers at these stores used a Bitcoin payment gateway (Strike, BTCPay Server, OpenNode, IBEXPay, Zaprite). But that tiny segment is nearly 3x more valuable than the average customer.
Here's what we found:
They spend 38% more on their very first order. No rewards earned yet, no loyalty program. Day one, they're already outspending the average customer.
They come back. Nearly 3 out of 4 regular customers buy once and disappear. The majority of Bitcoin customers return — roughly 50% more likely to make a repeat purchase. And every Bitcoin purchase is a conscious decision. No subscriptions, no auto-ship. They open their wallet and choose to pay. Every single time.
The spending premium doesn't fade — it grows. Compared to the store median: +30% on the first visit, +42% on the second, +62% on the third. All merchant-adjusted, so it's not a difference in which stores they shop at. It's how they shop within the same store.
Lifetime value: $479 average for Bitcoin customers vs. $164 for everyone else. The median tells the same story — $204 vs. $117. Not outliers. Population-level.
"But what about bear markets?" When the price is rising, they spend 53% more than average. When it's falling, they still spend 39% more. The premium contracts but never disappears. The idea that Bitcoiners only show up during bull runs isn't supported by the data.
The finding that surprised us most: Bitcoiners are famously privacy-conscious — encrypted comms, VPNs, the whole stack. Yet they opt into marketing at higher rates than the average customer. When a privacy-conscious person gives you permission to reach them, it's because they actually want to hear from you. That's a different kind of relationship.
Each of these findings compounds: higher first purchase × more repeat visits × growing spend per visit × higher reachability × resilience across market conditions = nearly 3x lifetime value. Not one advantage. Every advantage, simultaneously.
We know what Bitcoiners already understand about themselves — low time preference, quality over quantity, values-driven purchasing, genuine brand loyalty when earned. This is just the first time anyone's put real merchant data behind it.
The full study with methodology and FAQ: https://oshi.tech/research/bitcoin-customers
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