A new Bank of America survey shows that 90% of more than 1,000 US adults plan to buy crypto in the next six months. Additionally, nearly 40% of respondents reported using cryptocurrency as a means of payment.

Bank of America Crypto Survey

Bank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC on Monday. He was asked about a recent Bank of America survey that showed continued interest in cryptocurrencies.

The analyst explained that the survey was conducted earlier this month, which was after the collapse of cryptocurrency Terra (LUNA) and stablecoin Terrausd (UST). He added that over 1,000 US adults participated, noting that the sample size was “quite significant.”

Kupferberg said:

It was interesting to see that 90% of respondents said they plan to buy some amount of crypto over the next six months.

He continued, “That was actually the same percentage who said they actually bought some crypto in the last six months.”

Additionally, 30% of all respondents said they have no plans to sell their cryptos 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 respondents said they use cryptocurrencies as a means of payment for online purchases.

The analyst commented:

It’s certainly interesting to use as a payment method, and we think what makes this stand out is the growing use of what we call crypto-to-fiat products.

For example, he said the Coinbase Visa card allows people to use their cryptocurrencies to make payments anywhere Visa is accepted. He noted that merchants do not need to sign up to accept cryptocurrencies, as the coins are converted into fiat currencies before arriving at merchants.

Commenting on the sheer number of cryptocurrencies in existence and the decentralization, he said:

The reality is that, in our opinion, there are too many crypto exchanges. There are too many cryptocurrencies and tokens.

Kupferberg added that “some level of consolidation” is needed. “Maybe it’s a bit analogous to the dot-com era. There were too many dot-com stocks. There was a major shakeout and there were really significant dot-com companies that became extremely successful,” the Bank of America analyst concluded.

What do you think of this Bank of America crypto survey? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

photo credit: Shutterstock, Pixabay, WikiCommons

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