Last week, behemoth financial institution Bank of America (BofA) published a report highlighting a steep decline in the number of active cryptocurrency users on its platform. The top bank explained in the report that:
“Anonymized Bank of America internal customer data shows a sharp, greater than 50%, decline in the number of active crypto users from the peak of over 1 million users in November 2021 to below 500,000 in May.”
The bank further explained: “We also found that ‘first-time’ users, customers who made a transaction with a crypto platform having not made one previously, have also fallen very sharply.”
The North Carolina-based investment bank revealed it recorded only 33,000 clients transacting with crypto for the first time in May, a whopping 87% drop from the 267,000 first-time users recorded in October 2021. Furthermore, BofA reported:
“Our data also shows that outflows to crypto platforms have fallen sharply as well and are now broadly equal to inflows, indicating that consumers are pulling back on their net investment into crypto platforms.”
The report also detailed: “In dollar terms outflows peaked around $2.9 billion in late 2021, before dropping back to around $1 billion in May 2022.”
Bank of America Survey Reveals Notable Adoption and Use of Digital Assets by Americans
Last month, the multinational bank published the results of a survey that revealed that 91% of over 1,000 active and intending American crypto investors plan to acquire more digital assets over the next six months. Meanwhile, 40% of respondents in the survey indicated that they used crypto as a payment method for their purchases.
In the survey report, BofA’s research team detailed: “Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.”
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