Bank Of America carried out research early June following the LUNA fall to gauge the sentiment of the Crypto market. Surprisingly the results showed that many people still plan to purchase HODL and use Crypto online for transactions.
The surprising result comes as the cryptocurrency community still struggles to recover from the crash. Many people believe crypto will recover despite the continuing downtrend. This survey had over 1,000 respondents. The majority of respondents indicated that they intend to invest in Crypto by the end 2022.
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Researchers also found that both those who are already investing in crypto and those looking to do so will be the same. The BoA analysts found that even though the market is experiencing ongoing turmoil, crypto sentiment remains positive.
This stance differs from the one held by top crypto critics. For someone like the Berkshire Hathaway CEO, Warren Buffet, Bitcoin doesn’t have any weight because it does not produce anything. Buffet made his stance clear when he declared that he wouldn’t buy all the available BTC for 25 bucks even if someone offered them to him.
He stated that Bitcoin doesn’t matter if its price goes up or down. Buffet believes that BTC is an asset and that it should be held passively in the hope that its price will go up. To him, that’s not something to applaud.
30% Plan To HODL, 39% Already Use Crypto
The survey revealed that crypto-owners accounted for 30% of respondents. This group said they don’t plan to sell their crypto this year. They plan to HODL their crypto and hope for a better future price.
Some crypto investors remain optimistic that the cryptocurrency market will recover from its recent decline. Despite the fact that analysts claim there will be no stopping this bearish trend in crypto, some investors are still waiting.
BoA analysts believe that the sentiment expressed is positive. The sentiment shows that there is still hope for crypto. He also warned investors to be cautious as FUDs in the sector might cause another downtrend.
As for the other 39%, this group disclosed they’re already buying things online with digital assets. According to digital asset enthusiasts, they are not an online value store but a way of purchasing goods and paying them for their purchases.
Canadian Bank Survey supports Holders
According to the survey, cryptocurrency users in Canada don’t use it for payment. It is instead being used as an investment tool. As a result, only 13% of Canadians had bitcoin by 2021, compared with the 5% that owned it in 2020.
The average bitcoin value held by BTC holders was $500, according to the bank. According to the Bank of Canada, bitcoin usage has increased by two times.
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Regarding Bank of America’s interest in digital assets, the CEO says it can’t join the market yet due to the regulations prohibiting them from doing so.
Featured image by Forbes. Chart from TradingView.com