Bank of America Survey Shows that 90% of Respondents Plan to Buy Cryptocurrency in 2022

The winter of crypto seems terrible, but according to a study by Bank of America, many people regard it as an investment opportunity.

Many investors have been discussing how long this cryptocurrency winter may last. However, according to Bank of America, most retailers are waiting for the ideal time to buy cryptocurrency as soon as this year.

A survey of 1000 people conducted by Bank of America (BAC) in early June found that 90% of the respondents were prepared to buy cryptocurrency in the next six months. In addition, the study points out that the number of users with cryptocurrencies is similar to the number of users who want to buy. This means that the enthusiasm for cryptocurrency is far from over. Some well-known cryptocurrency skeptics, such as Warren Buffett, have pointed out this point many times.

30% of Crypto Investors Want HODL Their Tokens

According to the data of Bank of America, 30% of the respondents said that although the cryptocurrency market suffered a large-scale decline, they did not intend to sell their cryptocurrency in the next six months. Even so, according to some analysts, the bearish trend is not over.

In an interview with CNBC, Jason Kupferberg, an analyst at Bank of America, said that the researchers obtained their data after Terra‘s Luna currency collapsed, and the results were “interesting” because they showed investors’ positive sentiment towards cryptocurrencies. However, he pointed out that people must be cautious about this news, because doubts may trigger a more prominent decline in the cryptocurrency market.

“I think today is an example of bad headlines. It is not surprising to see the prices of cryptocurrency stocks and bitcoin collapse again.”

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39% of Respondents Use Crypto to Purchase Online

Another interesting statistic is that 39% of the respondents pointed out that they use cryptocurrency as a means of payment for online shopping, which is different from the description of cryptocurrency enthusiasts. They talk about these assets as a store of value in the face of inflation.

On this topic, kupferberg pointed out that although there is no high adoption rate at present, it is still possible to see “more and more use of some types of cryptocurrency to fire products”, taking the advantages provided by coinbase’s visa card as an example.

As cryptopotato recently reported, the CEO of Bank of America said that BofA has no plan to enter the cryptocurrency market, because the current US regulation does not authorize them to engage in activities involving cryptocurrency, so it cannot do so. Of course, due to the high demand for cryptocurrency related products and the precedent of other U.S. banks, this situation may change in the future.