Bank of America: Consumer Interest in Crypto Remains Strong

A new report from Bank of America explains that “consumer interest in the sector remains strong despite a sharp correction in crypto valuations.” The report, which includes a new crypto survey of banks, also shows “growing interest” in the use of cryptocurrencies as a means of payment.

Bank of America Inaugural Crypto Survey

Bank of America Global Research released a report on Monday highlighting the results of its “Crypto/Digital Asset Survey Launch” earlier this month.

Of the 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 purchase some in the next six months.

In a report shared by Bank of America with Bitcoin.com News, the survey team wrote:

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

According to the survey results, “91% of respondents expect to purchase crypto/digital assets in the next six months, the same percentage as those who said they purchased in the past six months,” the report detailed.

Additionally, 30% of respondents indicated that they do not plan to sell their crypto holdings in the next six months.

The survey also shows a “growing interest” in using crypto as a payment method.” Interestingly, 39% and 34% of respondents reported using crypto/digital assets as a payment method for online or in-person purchases, respectively,” the report explains, noting.

Additionally, 49% and 53% of respondents expressed interest in using crypto/digital assets for online or in-person purchases, respectively.

Additionally, the survey included a question about non-fiat tokens (NFTs). Of the digital asset owners who responded, 38% revealed that they also own NFTs, and over 50% of respondents indicated that they plan to purchase NFTs in the coming months.

Popular cryptocurrencies among respondents

Survey participants were also asked which cryptocurrencies they invest in. The report describes the following.

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

Additionally, 26% of respondents reported owning meme cryptocurrencies like dogecoin (DOGE) and shiba inu (SHIB).

An additional 12% reported owning stablecoins such as tether (USDT), usd coin (USDC), and terrausd (UST). Other popular cryptocurrencies among respondents were Terra (8%), Cardano (8%), Solana (8%),XRP(6%) XRP (6%), avalanche (5%).

cryptocurrency Terra (LUNA) and Algorithmic Stable Cointegrated (UST) collapsed in early May. Their controversial collapses prompted regulators in various countries to investigate the collapses and call for urgent regulation of stablecoins.

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