A new report from Bank of America suggests that “consumer interest in this space remains strong, despite a sharp correction in crypto valuations.” The report, which includes the bank’s new crypto survey, also shows a “growing interest” in the use of cryptocurrencies as a means of payment.
Bank of America’s Inaugural Crypto Survey
Bank of America Global Research published a report on Monday, highlighting the results of its “Initial Crypto/Digital Asset Survey” earlier this month.
Out of 1,013 survey respondents, 58% said they currently own crypto or digital assets while 42% said they do not currently own crypto but plan to buy something in the next six months.
In the report, which was shared by Bank of America with Bitcoin.com News, the research team wrote:
Overall, our findings suggest that despite a sharp correction in crypto valuations, consumer interest in this sector remains strong.
According to the survey results, “91% of respondents expect to buy crypto/digital assets in the next 6 months, the same percentage who said they have bought in the past 6 months,” the report details.
Furthermore, 30% of the respondents indicated that they are not planning to sell any of their crypto holdings in the next six months.
The survey also shows a “growing interest” in the use of crypto as a payment method. “Interestingly, 39% and 34% of respondents reported using crypto/digital assets as a payment method to make purchases online or in person,” the report said.
Additionally, 49% and 53% of the respondents expressed interest in using crypto/digital assets to make purchases online or in person, respectively.
In addition, the survey includes questions about non-fungible tokens (NFTs). Of the digital asset owners who responded, 38% disclosed that they also have NFTs, with over 50% of respondents saying they plan to buy NFTs in the next few months.
Popular cryptocurrencies among respondents
The survey participants were also asked which cryptocurrencies they invest in. The report stated:
The most owned crypto/digital assets were, surprisingly, Bitcoin and Ethereum with 75% and 44% of the respondents.
Furthermore, 26% of the respondents said that they own meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).
Another 12% said they held stablecoins, such as Tether (USDT), USD Coin (USDC), and Terased (UST). Other popular cryptocurrencies among respondents were Terra (8%), Cardano (8%), Solana (8%), XRP (6%), and Avalanche (5%).
Cryptocurrency Terra (LUNA) and algorithmic stablecoin Terasad (UST) collapsed in early May. Their controversial outburst has prompted regulators in various countries to investigate the collapse and call for immediate regulation of stablecoins.
What do you think about the findings of this Bank of America survey? Let us know in the comments section below.
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