A brand new Bank of America survey exhibits that out of greater than 1,000 U.S. adults, 90% plan to purchase crypto within the subsequent six months. Moreover, practically 40% of respondents revealed that they use cryptocurrency as a method of fee.
Bank of America’s Crypto Survey
Bank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC Monday. He was requested a few latest Bank of America survey that confirmed sustained curiosity in cryptocurrencies.
The analyst defined that the survey was carried out early this month, which was after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He added that over 1,000 U.S. adults participated, noting that the pattern dimension was “fairly vital.”
It was attention-grabbing to see that 90% of respondents stated they do plan to purchase some quantity of crypto within the subsequent six months.
He continued: “That was truly the identical proportion who reported having truly purchased some crypto over the prior six months.”
In addition, 30% of all respondents stated they don’t plan to promote their crypto within the subsequent six months.
Using Crypto as a Payment Method
The Bank of America survey additionally examines whether or not shoppers count on to pay for items and providers with bitcoin or different cryptocurrencies within the close to future.
According to the outcomes, 39% of respondents stated they use cryptocurrency as a method of fee for on-line purchasing.
The analyst commented:
Using it as a fee technique is attention-grabbing for certain and we predict what that’s highlighting is the elevated use of sure, what we name, crypto-to-fiat-type merchandise.
For instance, he stated the Coinbase Visa card permits individuals to make use of their cryptocurrencies to make funds wherever Visa is accepted. He famous that retailers should not have to enroll to just accept cryptocurrencies as a result of the cash are transformed to fiat currencies earlier than arriving at retailers.
Commenting on the sheer variety of cryptocurrencies in existence and decentralization, he opined:
The actuality is our view has been there are too many crypto exchanges. There are too many cryptocurrencies and tokens.
Kupferberg added that “Some quantity of consolidation” is required. “Perhaps it’s a bit of bit analogous to the dot-com period. There have been too many dot-com shares. There was an enormous shakeout and there have been actually vital dot-com corporations that grew to become extraordinarily profitable,” the Bank of America analyst concluded.
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