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Bank of America: 90% of US Adults Surveyed Plan to Buy Crypto in 6 Months

News Feed - 2022-06-15 10:06:11

Bank of America: 90% of US Adults Surveyed Plan to Buy Crypto in 6 Months


A new Bank of America survey shows that out of more than 1,000 U.S. adults, 90% plan to buy crypto in the next six months. Moreover, nearly 40% of respondents revealed that they use cryptocurrency as a means of payment. Bank of America’s Crypto Survey


Bank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC Monday. He was asked about a recent Bank of America survey that showed sustained interest in cryptocurrencies.


The analyst explained that the survey was conducted early this month, which was after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He added that over 1,000 U.S. adults participated, noting that the sample size was “pretty significant.”


Kupferberg opined: It was interesting to see that 90% of respondents said they do plan to buy some amount of crypto in the next six months.


He continued: “That was actually the same percentage who reported having actually bought some crypto over the prior six months.”


In addition, 30% of all respondents said they do not plan to sell their crypto in the next six months. Using Crypto as a Payment Method


The Bank of America survey also examines whether consumers expect to pay for goods and services with bitcoin or other cryptocurrencies in the near future.


According to the results, 39% of respondents said they use cryptocurrency as a means of payment for online shopping.


The analyst commented: 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.


For example, he said the Coinbase Visa card allows people to use their cryptocurrencies to make payments anywhere Visa is accepted. He noted that merchants do not have to sign up to accept cryptocurrencies because the coins are converted to fiat currencies before arriving at merchants.


Commenting on the sheer number of cryptocurrencies in existence and decentralization, he opined: The reality is our view has been there are too many crypto exchanges. There are too many cryptocurrencies and tokens.


Kupferberg added that “Some amount of consolidation” is needed. “Perhaps it’s a little bit analogous to the dot-com era. There were too many dot-com stocks. There was a big shakeout and there were really significant dot-com companies that became extremely successful,” the Bank of America analyst concluded. Tags in this story Bank of America, Bofa, crypto payments, crypto survey, cryptocurrency survey, means of payment, method of payment


What do you think about this Bank of America crypto survey? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Binance Reveals Incident That Forced It to Freeze BTC Withdrawals FEATURED | 11 hours ago New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies FEATURED | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of England’s Governor Warns About Crypto Amid Bloodbath — ‘Be Prepared to Lose All Your Money’ Next articleBank of Canada’s Official: Crypto Needs Regulation Before It Becomes ‘a Lot Larger’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


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