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.
Of 1,013 respondents to the survey 58% stated that they own cryptocurrency or digital assets. 42%, however, said they did not currently possess crypto but would like to.
The research team included the following words in the report that Bank of America and Bitcoin.com News shared.
Our overall findings indicate that consumers are still interested in crypto despite the drastic correction in crypto prices.
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.
A third of the respondents stated that they don’t plan on selling any crypto assets in 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:
Respondents also expressed an interest in crypto/digital assets for online and in-person purchase, with 53% and 49% respectively.
The survey also asks about non-fungible tokens (NFTs). Over 50% of the digital asset owners that responded said they intend to purchase NFTs in the coming months. 38% also claimed they owned a NFT.
Popular Cryptocurrencies Among Respondents
The survey participants were also asked to answer questions about the cryptocurrencies that they are interested in. This report contains:
Unsurprisingly, the most popular crypto/digital assets owned by respondents were bitcoin and ethereum, with 75% and 44% respectively.
These respondents also indicated that 26% owned mem cryptocurrencies like dogecoin(DOGE) or shiba inu(SHIB).
Further 12% stated that they had stablecoins like tether (USDT), usd coins (USDC) and terrausd(UST). Other popular cryptocurrency among respondents included terra (8%), cardano (8%) and solana (8%), as well as XRP (6%) and avalanche (5%)
Early May saw the collapse of cryptocurrency Terra (LUNA) as well as algorithmic stablecoin Terrausd (UST). They were controversially destroyed, prompting regulators across the globe to examine the matter and demand urgent regulation for stablecoins.
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