A new survey by Bank of America reveals that 90% of US adults over 1,000 are planning to buy crypto in the next six months. Furthermore, nearly 40% of the respondents disclosed that they use cryptocurrencies 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 on Monday. He was recently asked about a survey by Bank of America that showed continued interest in cryptocurrencies.
The analyst noted that the survey was conducted earlier this month, following the collapse of cryptocurrency Terra (LUNA) and stablecoin Terasd (UST). He said more than 1,000 US adults participated, noting that the sample size was “quite significant.”
It was interesting to see that 90% of the respondents said that they plan to buy some amount of crypto in the next six months.
He continued: “It was actually the same percentage who reported that they had actually bought some cryptocurrency in the past six months.”
Furthermore, 30% of all respondents said that they do not plan to sell their cryptocurrency 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 the respondents said that they use cryptocurrencies as a means of payment for online purchases.
The analyst commented:
Using it as a payment method is certainly interesting and we think what is highlighting is the increased use of something, what we call, crypto-to-fiat-type products.
For example, he said that the Coinbase Visa card allows people to use their cryptocurrency to make payments anywhere Visa is accepted. He added that merchants do not need to sign up to accept cryptocurrencies as the coins are converted into fiat currencies before reaching the merchants.
Commenting on the huge number of cryptocurrencies in existence and decentralized, he said:
The reality is that we have been of the view that there are too many crypto exchanges. There are a lot more cryptocurrencies and tokens.
Kupferberg said that “some amount of consolidation” is needed. “Maybe it’s a little bit similar to the dot-com era. There were a lot of dot-com stocks. There was a big setback and there were really important dot-com companies that became hugely successful,” concluded the Bank of America analyst.
What do you think about this Bank of America crypto survey? Let us know in the comments section below.
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