Financial institution of America’s new report explains that “regardless of the sharp correction in cryptocurrency valuations, client curiosity within the sector stays robust.” The report, which incorporates the financial institution’s new cryptocurrency survey, additionally exhibits “rising curiosity” in the usage of cryptocurrencies as a way of cost.
Inaugural Financial institution of America Crypto Survey
Financial institution of America International Analysis launched a report on Monday highlighting the outcomes of its “inaugural crypto/digital asset survey,” which happened earlier this month.
Of the 1,013 respondents who recognized themselves as present or potential buyers in crypto property/digital property, 58% stated they presently personal crypto property or digital property. The opposite 42% stated they don’t presently personal crypto however plan to purchase some within the subsequent six months.
Within the report, which Financial institution of America shared with Bitcoin.com Information, the analysis crew wrote:
General, our findings recommend that regardless of the sharp correction in crypto valuations, client curiosity within the sector stays robust.
In line with the outcomes of the survey, “91% of respondents count on to purchase crypto property / digital property within the subsequent 6 months, the identical share that stated that they had purchased within the final 6 months,” the report particulars.
Moreover, 30% of the respondents indicated that they don’t plan to promote any of their cryptocurrencies within the subsequent six months.
The survey additionally exhibits a “rising curiosity” in the usage of cryptocurrencies as a cost methodology. “Apparently, 39% and 34% of respondents reported utilizing crypto/digital property as a cost methodology for on-line or in-person purchases, respectively,” the report describes, noting:
Moreover, 49% and 53% of respondents expressed an curiosity in utilizing crypto/digital property to make purchases on-line or in individual, respectively.
Moreover, the survey consists of questions on non-fungible tokens (NFTs). Amongst digital asset homeowners who responded, 38% disclosed that in addition they owned an NFT, and greater than 50% of respondents stated they plan to buy NFTs within the coming months.
Cryptocurrencies widespread amongst respondents
Survey contributors had been additionally requested what cryptocurrencies they put money into. The report describes:
Essentially the most generally owned crypto/digital property had been, unsurprisingly, bitcoin and ethereum with 75% and 44% of respondents.
Moreover, 26% of these surveyed stated they owned meme cryptocurrencies, resembling dogecoin (DOGE) and shiba inu (SHIB).
One other 12% stated they owned stablecoins, resembling tether (USDT), usd coin (USDC), and terrausd (UST). Different widespread cryptocurrencies amongst respondents had been terra (8%), cardano (8%), solana (8%), XRP (6%) and avalanche (5%).
The cryptocurrency terra (LUNA) and the algorithmic stablecoin terrausd (UST) crashed in early Might. Its controversial implosion has prompted regulators in a number of international locations to analyze the collapse and name for pressing regulation of stablecoins.
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