According to a new Bank of America survey, 91% of Americans plan on buying crypto within the next 6 months. Nearly 40% of the respondents also indicated that cryptocurrency is used as payment.
Bank of America’s Crypto Survey
Jason Kupferberg, a Bank of America analyst (BOA), shared his views on crypto in a Monday interview with CNBC. A recent Bank of America survey showed a sustained interest for cryptocurrency.
According to the analyst, the survey was done in early March after cryptocurrency terra’s (LUNA), and stablecoin terrausd’s (UST) collapses. He added that over 1,000 U.S. adults participated, noting that the sample size was “pretty significant.”
Kupferberg opined:
Interesting to note that 91% of the respondents stated they plan to purchase some crypto within the next 6 months.
He continued: “That was actually the same percentage who reported having actually bought some crypto over the prior six months.”
Additionally, 33% of the respondents indicated that they did not intend to sell crypto within six months.
Use Cryptocurrency as a Method of Payment
Bank of America’s survey examines whether customers are willing to buy goods and services in bitcoin or any other cryptocurrency.
Based on the survey results, 39% reported that they use cryptocurrency for payment when shopping online.
An analyst stated:
Using it as a payment method is interesting for sure and we think what that’s highlighting is the increased use of certain, what we call, crypto-to-fiat-type products.
He explained that the Coinbase Visa card lets people use their cryptocurrency to pay anywhere Visa is accepted. Because the coins arrive at merchants in fiat currencies, merchants are not required to sign up for cryptocurrency acceptance.
His comments on the decentralization and sheer amount of crypto currencies in existence were:
We believe there are way too many cryptocurrency exchanges. It is too many crypto currencies and tokens.
Kupferberg added that “Some amount of consolidation” is needed. “Perhaps it’s a little bit analogous to the dot-com era. It was too many dotcom stocks. There was a big shakeout and there were really significant dot-com companies that became extremely successful,” the Bank of America analyst concluded.
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