A new Bank of America survey shows that 90% of over 1,000 US adults plan to purchase crypto in the next six months. Additionally, nearly 40% of respondents indicated that they use cryptocurrency as a means of payment.
Bank of America Crypto Survey
Bank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC on 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 earlier this month, which is after the collapse of cryptocurrency Terra (LUNA) and Stable Coin Terrausd (UST). He added that more than 1,000 U.S. adults participated, noting that the sample size was “quite significant.”
Kupferberg opined.
It was interesting to note that 90% of respondents indicated that they planned to purchase some crypto over the next six months.
he continued.” That was actually the same percentage that reported that they had actually purchased some crypto in the previous six months.”
Additionally, 30% of all respondents said they had no plans to sell crypto in the next six months.
Use of Crypto as a Payment Method
The Bank of America survey also looked at whether consumers expect to pay for goods and services in the near future with bitcoin or other cryptocurrencies.
According to the results, 39% of respondents indicated that they use cryptocurrencies as a means of payment for online shopping.
Analyst Comments:
The use of it as a payment method is certainly interesting, and we believe it is highlighted by the increasing use of certain, what we call, crypto-to-fiat type products.
For example, he said, the Coinbase Visa card allows users to make payments using cryptocurrency wherever Visa is accepted. He noted that merchants do not need to sign up to accept cryptocurrency because the coins are converted to fiat before they arrive at the merchant.
He opined about the vast number of cryptocurrencies in existence and their decentralization.
The reality is that our view is that there are too many crypto exchanges. There are too many cryptocurrencies and tokens.
Kupferberg added that “some consolidation” is needed.” Perhaps it is a bit like the dot-com era. There were too many dot-com stocks. And, the Bank of America analyst concluded.
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