A new Bank of America survey shows that 91% of more than 1,000 current and prospective U.S. crypto investors plan to buy more digital assets 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 current and prospective crypto investors in the U.S. participated, noting that the sample size was “pretty significant.”
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.
Editor’s Note (June 6 at 6:51 a.m. EDT): This article has been updated to reflect that survey respondents are current and prospective crypto investors.
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