A new Bank of America survey shows that out of more than 1,000 U.S. adults, 90% plan to buy crypto in the next six months. In addition, nearly 40% of respondents revealed that they use crypto currency as a payment method.
Bank of America Crypto Survey
Bank of America (BOA) analyst Jason Kupferberg shared his outlook on crypto in an interview with CNBC on Monday. He was asked about a recent Bank of America survey that showed sustained interest in crypto-currencies.
The analyst explained that the survey was conducted earlier this month, which was after the collapse of the crypto-currency terra ( LUNA) and the stablecoin terrausd (UST). He added that more than 1,000 U.S. adults participated, noting that the sample size was “quite large.”
“It was interesting to see that 90% of those surveyed said they plan to buy some amount of crypto in the next six months.
He continued, “That was actually the same percentage that said they had actually purchased crypto in the previous six months.”
In addition, 30% of all respondents said they had no plans to sell their crypto in the next six months.
Use of crypto as a payment method
Bank of America’s survey also examines whether consumers expect to pay for goods and services with bitcoin or other crypto-currencies in the near future.
According to the results, 39% of respondents said they use crypto-currency as a payment method for online purchases.
The analyst comments:
‘Using it as a payment method is certainly interesting and we think it highlights the increased use of certain products, what we call, crypto-fiat products.
For example, he said the Coinbase Visa card allows people to use their crypto-currencies to make payments anywhere Visa is accepted. He noted that merchants don’t have to register to accept crypto-currencies because the coins are converted to fiat currencies before arriving at merchants.
Commenting on the huge number of crypto-currencies in existence and decentralization, he said:
‘The reality is that, in our opinion, there are too many crypto exchanges. There are too many crypto-currencies and too many tokens.
Kupferberg added that “some consolidation” is needed. “It’ s perhaps a bit analogous to the dot-com era. There were too many dot -com stocks. There was a big shakeout and there were some really big dot -com companies that were hugely successful,” the Bank of America analyst concluded.