According to a survey led by The Bank of America, Consumers are still interested in Bitcoin despite the recent price crash in the market.
Investors still have interest in digital assets, even amid the declined outlook. According to a recent Bank of America (BoFA) survey, a number of users had shown interest in cryptocurrencies like Bitcoin, not only as investment tools but also as a form of payment.
The research, followed by CoinDesk and CNBC, determined that 91% of those surveyed had plans to acquire digital assets in the following six months. Bank of America analyst Jason Kupferberg found this situation interesting and expressed that this percentage matched that of users who acquired digital assets in the last six months.
In an interview with CNBC, Kupferberg expressed that the results come from a survey of just over 1,000 adult users in the United States of America that took effect in early June 2022, shortly after the drastic collapse of Terra and in the midst of the declining panorama experienced in the market, which has seen Bitcoin drop below $30,000.
30% do not Have Intentions to Sell their Digital Assets
According to CoinDesk, sales expectations are also at a balanced point. The research determined that 30% of surveyed holders do not intend to sell their holdings in the next six months. The results represent no change from the percentage who revealed they had not sold any digital assets in the previous six months, according to the report.
The investigation led by the second-largest bank in the United States of America also focused on the interest in the use of digital assets as a unique form of payment. According to CoinDesk, 39% of those surveyed expressed they use digital assets as a vehicle to pay for and acquire goods online. On the other hand, 34% use them for purchases in person.
CoinDesk also highlighted that, despite the apparent inclination of investors towards digital assets, this new asset class still represents less than 10% of overall financial investments for 65% of respondents, according to the survey. Allocations did vary, though, with 15% holding more than 25% of their total financial investments in digital assets.
Meanwhile, the post ends by revealing that most respondents were short-term investors, with 77% typically holding crypto for less than a year, according to the BoFA study.
Crypto Winter does not Discourage Consumers
The release of the banking entity’s most recent survey to determine interest in digital assets arrived amid a steep decline experienced in the market. Bitcoin danced below $23,000 on Monday as the global digital currency market capitalization crumbled below $1 trillion, a level not experienced since early 2021.
By: Jenson Nuñez
