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 “despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” The report, which includes the bank’s new crypto survey, also shows “growing interest” in cryptocurrency’s use as a means of payment.

Bank of America’s Inaugural Crypto Survey

Bank of America Global Research published a report Monday highlighting the results of its “inaugural crypto/digital asset survey,” which took place early this month.

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Out of 1,013 survey respondents, 58% said they currently own crypto or digital assets while 42% said they do not own crypto presently but plan to buy some in the next six months.

In the report, which Bank of America shared with News, the research team wrote:

Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.

According to the survey results, “91% of respondents expect to buy crypto / digital assets in the next 6 months, the same percentage who said they bought in the last 6 months,” the report details.

Furthermore, 30% of respondents indicated that they do not plan to sell any of their crypto holdings over the next six months.

The survey also shows “growing interest” in crypto’s use as a payment method. “Interestingly, 39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the report describes, noting:

Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.

Moreover, the survey includes questions about non-fungible tokens (NFTs). Amongst digital asset owners who responded, 38% revealed they also owned an NFT, with over 50% of respondents saying they plan to buy NFTs over the next few months.

Popular Cryptocurrencies Among Respondents

Survey participants were also asked about which cryptocurrencies they invest in. The report describes:

The most commonly owned crypto / digital assets were, unsurprisingly, bitcoin and ethereum at 75% and 44% of respondents.

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

A further 12% said they owned stablecoins, such as tether (USDT), usd coin (USDC), and terrausd (UST). Other popular cryptocurrencies among respondents were 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 various countries to investigate the collapse and call for the urgent regulation of stablecoins.

What do you think about the findings from this Bank of America survey? Let us know in the comments section below.

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