After the crash of LUNA in early June, Bank of America conducted research to assess the market’s attitude towards the cryptocurrency. The findings revealed that many people continue to plan to use Crypto for online transactions and acquire HODLs.
The finding is also shocking as the cryptocurrency market continues to fall. Despite the current decline, many still believe that cryptocurrencies will recover. About 1,000 people participated in this survey. 90% of these numbers told the researchers that they plan to invest in Crypto before the end of 2022.
The researchers also revealed that the number of those who have previously invested in cryptocurrencies and those who plan to do so is the same. As a result, despite the current market woes, BoA researchers found that crypto sentiment remains bullish.
However, top crypto critics have a different opinion. Bitcoin is worthless to someone like Warren Buffett, the CEO of Berkshire Hathaway, since it doesn’t produce anything. Buffett made his position clear when he said that he would not buy all the BTC in existence, even if someone offered him all of it for $25.
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According to Buffett, BTC is an asset that investors passively hold in anticipation that it will rise in value, which he believes is nothing to be proud of. Buffett thinks that Bitcoin is not impressive, regardless of price fluctuations.
The study revealed that 30% of those who responded were cryptocurrency holders, according to BoA experts. This group said that they would not sell their cryptocurrency this year. Instead, they plan to HODL and hope for a better price in the future.
Surprisingly, some investors remain optimistic that the cryptocurrency will rise from the ashes. On the other hand, some analysts believe that the current gloomy trend will continue and investors will continue to wait.
According to BoA analysts, the mood is positive. He shows that the prospects for cryptocurrencies are not completely bleak. However, he warned investors that the recent FUD in the business could result in another drop.
As for the other 39%, this group revealed that they are already buying things online with digital assets. For them, digital assets are a means of paying for online purchases, not a store of value, as enthusiasts say.