Bank of America Survey Result Shows that Consumer Interest in Crypto Remains Solid

Updated:

The Bank of America Global Research released a report on Monday detailing the findings of its “inaugural crypto/digital asset survey,” which occurred earlier this month.

The report revealed that of the 1,013 respondents surveyed, 58% (588 respondents) indicated that they currently held digital assets, while the remaining 42% noted that they planned to invest in crypto over the next six months.

The research team explained in the report:

“Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.”

The report also detailed that “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.” Additionally, 30% of the surveyed subjects indicated they had no plans of selling their crypto holdings in the next six months.

Bank of America Survey Shows Many People Want Crypto to Be Used as Payment Method

The BofA survey also highlighted a “growing interest” in the use of crypto as a payment option. The report narrated: “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 further revealed:

“Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.”

Meanwhile, the survey also quizzed respondents about NFTs. Among the 58% of respondents that held digital assets, 38% indicated that they had NFTs as well, with over 50% of this group saying they plan to purchase NFTs over the next few months.

When asked what cryptocurrency they felt was best to invest in, the general answer was Bitcoin (BTC) and Ethereum (ETH). The report detailed:

“The most commonly owned crypto / digital assets were unsurprisingly Bitcoin and Ethereum at 75% and 44% of respondents.”

Finally, 26% of the respondents revealed that they held meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). 12% said they had Stablecoins, 8% said they held Terra, 8% indicated they held Cardano, another 8% said they held Solana, 6% ticked XRP, and 5% highlighted Avalanche.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.