91% of Bank of America Customers Plan to Buy Crypto in Next 6 Months Despite Market Downturn

91% of Bank of America Customers Plan to Buy Crypto in Next 6 Months Despite Market Downturn

91% of Bank of America customers plan to buy crypto in the next six months despite the market downturn, according to a survey. Nearly 40% of respondents said they already use cryptocurrency as an online payment method.

This year, the crypto market is in a downturn, causing inexperienced investors to despair. However, there are plenty of others who are not overly worried about the bear market, a Bank of America survey shows. The survey, conducted in early June, surveyed 1,000 current and potential users of cryptocurrencies and exchanges in the US and found that 91% of respondents said they would buy cryptocurrencies in the next six months, according to Markets Insider.

The majority of respondents were short-term investors, with 77% claiming to own cryptocurrencies for less than a year. In addition, according to the report, 30% of respondents said they did not plan to sell their cryptocurrency in the next six months. Analysts at Bank of America noted that 39% of respondents use cryptocurrency as an online payment method, while 34% use it for personal payments.

“Using it as a payment method is interesting for sure, and we think what that's highlighting is the increased use of what we call crypto-to-fiat type products,” Bank of America analyst Jason Kupferberg told CNBC Monday.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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