Many investors are already talking about how long this crypto winter could last. However, according to Bank of America, most retailers are waiting for the perfect moment to buy cryptocurrencies this year.
BUT interview a survey of 1,000 people conducted in early June by Bank of America (BAC) showed that 90% of respondents were preparing to buy cryptocurrencies within the next six months.
In addition, the study notes that the number of users who own cryptocurrencies was similar to the number of people willing to buy them. This means that the enthusiasm for cryptocurrencies is far from exhausted, as some well-known naysayers such as Warren Buffett have repeatedly pointed out.
30% of crypto investors want to store their tokens
According to Bank of America, 30% of respondents said they were not going to sell their cryptocurrencies within the next six months, despite the massive downturn experienced by the crypto market. However, according to some analysts, the bearish trend is not over.
This was stated by Bank of America analyst Jason Kupferberg. interview to CNBC that the researchers got their data after the collapse of the LUNA Terra coin and that the results were “interesting” as they show a positive attitude towards cryptocurrencies from investors. However, he pointed out that people should be careful with the news because the FUD could trigger a sharper drop in the crypto market.
“I think today is an example of bad headlines, and it would be unsurprising to see another collapse in cryptocurrency stocks and the price of bitcoin itself.”
39% of respondents use cryptocurrency for online shopping
Another interesting statistic is that 39% of respondents noted that they used cryptocurrencies as a means of paying for online purchases, which is different from the narrative of crypto enthusiasts who talk about these assets as a store of value in the face of inflation.
On this topic, Kupferberg noted that while the adoption rate has not yet reached a high level, one can still see “an increase in the use of certain types of crypto-to-fiat products”, taking the benefits offered by Coinbase VISA as an example. card.
As Cryptooshalarecently reported, the CEO of Bank of America stated that BofA has no plans to enter the cryptocurrency market as it is unable to do so due to current US legislation that does not allow them to engage in crypto-related activities. Of course, this may change in the future due to the high demand for cryptocurrency related products and the precedent set by other banks in the US.
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Credit : cryptopotato.com