Bank of America: Consumer Interest in Crypto Remains Strong

Bank of America: Consumer Interest in Crypto Remains Strong Despite Sharp Price Correction

Bank of America’s new report explains that “regardless of the sharp correction in crypto valuations, client curiosity within the sector stays sturdy.” The report, which incorporates the financial institution’s new crypto survey, additionally exhibits “rising curiosity” in cryptocurrency’s use as a method of cost.

Bank of America’s Inaugural Crypto Survey

Bank of America Global Research revealed a report Monday highlighting the outcomes of its “inaugural crypto/digital asset survey,” which passed off early this month.

Out of 1,013 survey respondents, 58% mentioned they at the moment personal crypto or digital property whereas 42% mentioned they don’t personal crypto presently however plan to purchase some within the subsequent six months.

In the report, which Bank of America shared with News, the analysis staff wrote:

Overall, our findings counsel that regardless of the sharp correction in crypto valuations, client curiosity within the sector stays sturdy.

According to the survey outcomes, “91% of respondents anticipate to purchase crypto / digital property within the subsequent 6 months, the identical proportion who mentioned they purchased within the final 6 months,” the report particulars.

Furthermore, 30% of respondents indicated that they don’t plan to promote any of their crypto holdings over the following six months.

The survey additionally exhibits “rising curiosity” in crypto’s use as a cost technique. “Interestingly, 39% and 34% of respondents reported utilizing crypto / digital property as a cost technique to make on-line or in-person purchases, respectively,” the report describes, noting:

Additionally, 49% and 53% of respondents expressed curiosity in utilizing crypto / digital property to make both on-line or in-person purchases, respectively.

Moreover, the survey consists of questions on non-fungible tokens (NFTs). Amongst digital asset house owners who responded, 38% revealed in addition they owned an NFT, with over 50% of respondents saying they plan to purchase NFTs over the following few months.

Popular Cryptocurrencies Among Respondents

Survey individuals had been additionally requested about which cryptocurrencies they put money into. The report describes:

The mostly owned crypto / digital property had been, unsurprisingly, bitcoin and ethereum at 75% and 44% of respondents.

Moreover, 26% of respondents mentioned they owned meme cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB).

An extra 12% mentioned they owned stablecoins, comparable to tether (USDT), usd coin (USDC), and terrausd (UST). Other widespread cryptocurrencies amongst respondents had been terra (8%), cardano (8%), solana (8%), XRP (6%), and avalanche (5%).

Cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) collapsed in early May. Their controversial implosion has prompted regulators in varied international locations to investigate the collapse and name for the urgent regulation of stablecoins.

What do you consider the findings from this Bank of America survey? Let us know within the feedback part beneath.

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