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.
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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.