Bank of America’s new report explains that “despite the sharp correction in cryptocurrency valuations, consumer interest in the sector remains strong.” The report, which includes the bank’s new cryptocurrency survey, also shows “growing interest” in using cryptocurrencies as a means of payment.
Inaugural Bank of America Crypto Survey
Bank of America Global Research released a report on Monday highlighting the results of its “inaugural crypto/digital asset survey,” which took place earlier this month.
Of the 1,013 respondents, 58% said they currently own crypto or digital assets, while 42% said they do not currently own crypto but plan to buy some in the next six months.
In the report, which Bank of America shared with Bitcoin.com 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 results of the survey, “91% of respondents expect to buy crypto assets / digital assets in the next 6 months, the same percentage that said they had bought in the last 6 months,” the report details.
Furthermore, 30% of the respondents indicated that they do not plan to sell any of their cryptocurrencies in the next six months.
The survey also shows a “growing interest” in the use of cryptocurrencies as a payment method. “Interestingly, 39% and 34% of respondents reported using crypto/digital assets as a payment method for online or in-person purchases, respectively,” the report describes, noting:
Additionally, 49% and 53% of respondents expressed an interest in using crypto/digital assets to make purchases online or in person, respectively.
Additionally, the survey includes questions about non-fungible tokens (NFTs). Among digital asset owners who responded, 38% disclosed that they also owned an NFT, and more than 50% of respondents said they plan to purchase NFTs in the coming months.
Popular Cryptocurrencies Among Respondents
Survey participants were also asked what cryptocurrencies they invest in. The report describes:
The most commonly owned crypto/digital assets were, unsurprisingly, bitcoin and ethereum with 75% and 44% of respondents.
Additionally, 26% of those surveyed said they owned meme cryptocurrencies, such as dogecoin (DOGE) and shiba inu (SHIB).
Another 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%).
The cryptocurrency terra (LUNA) and the algorithmic stablecoin terrausd (UST) crashed in early May. Its controversial implosion has prompted regulators in several countries to investigate the collapse and call for urgent regulation of stablecoins.
What do you think of the results of this Bank of America survey? Let us know in the comments section.
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