Although the crypto winter appears to be frightening, many consumers, according to a Bank of America survey, perceive it as an investment opportunity.
Many investors are already debating the length of this crypto winter. Still, most shops, according to Bank of America, are waiting for the best time to buy cryptocurrencies, which might be this year.
Bank of America (BAC) conducted a survey of 1,000 people in early June and discovered that 90% of those polled planned to acquire cryptocurrencies within the next six months.
Furthermore, the study found that the number of users who had cryptocurrencies was comparable to the number of users that wished to buy them. This suggests that the excitement for cryptocurrencies is far from finished, as some well-known crypto sceptic investors, like as Warren Buffett, have repeatedly stated.
30% of cryptocurrency investors want to keep their tokens for the long term: Survey
Despite the significant decrease in the crypto market, according to Bank of America, 30% of respondents stated they had no intention of selling their cryptocurrencies in the next six months. Even yet, some analysts believe the downward trend will continue.
Researchers collected their data after the collapse of Terra’s LUNA currency, according to Jason Kupferberg, an analyst for Bank of America, who told CNBC that the results were “interesting,” as they demonstrate investors’ positive feeling regarding cryptocurrencies. However, he cautioned that consumers should be wary of the news because the FUD might force the crypto market to plummet much further.
“I think today is an example of bad headlines and it wouldn’t be surprising to see another breakdown in the crypto stock and in the Bitcoin price itself.”
Cryptocurrencies are used by 39% of respondents for online purchases.
Another interesting statistic is that 39% of respondents noted that they used cryptocurrencies as a means of payment for online purchases, which differs from the narrative of cryptocurrency enthusiasts who talk about these assets as a store of value in the face of inflation.
On that subject, Kupferberg pointed out that, while there isn’t now a high degree of adoption, there is still room for improvement. “increasing use of certain types of crypto-to-fiat products,” Consider the benefits of Coinbase’s VISA card, for example.
According to a recent article by CryptoPotato, Bank of America’s CEO stated that the bank has no ambitions to enter the cryptocurrency industry because existing US regulation prohibits them from doing so. Of course, due to the increasing demand for crypto-related products and the precedent set by other banks in the United States, this could change in the future.