Despite the fact that BTC has lost approximately 65% of its value since the November peak, the vast majority of respondents to a survey conducted by BofA said they plan to buy cryptocurrency in the next 6 months, writes Business Insider,
A survey conducted in early June covered 1,000 current and potential users of cryptocurrencies and crypto exchanges in the United States and showed that 91% of respondents are going to buy cryptocurrency in the next six months. Almost 40% of respondents stated that they already use cryptocurrency as an online payment method.
Apparently, even the new collapse of cryptocurrencies this Monday, which reduced their total market capitalization to less than $1 trillion for the first time since the beginning of 2021, may not be enough to scare off some buyers of crypto assets.
The majority of respondents were short-term investors, and 77% said they had owned cryptocurrency for less than a year.
In addition, according to the report, 30% of respondents said they do not plan to sell their cryptocurrency in the next six months. In addition, according to the report, 30% of respondents said they do not plan to sell their cryptocurrency in the next six months.
Analysts at Bank of America (NYSE:BAC) also noted that 39% of respondents use cryptocurrency as an online payment method, and 34% use it for personal payments.
This year, the main cryptocurrencies mostly followed the stock market rate, which fell due to concerns about a rate hike.
Bank of America analyst Jason Kupferberg, during his interview with CNET, said that in June 2022, the bank conducted a large-scale survey among Americans. The expert noted: about 90% of respondents unequivocally replied that they plan to buy a certain amount of cryptocurrency over the next few months. Notable: Bank of America itself does not plan to provide digital coin trading services yet.
The survey also showed that the majority of respondents had previously acted as short-term investors. About 77% of them held digital coins in their portfolio for no more than one year. Almost a third of coin owners have said that they are not going to sell their assets in the next 6 months
According to Jason Kupferberg, such user interest is caused by an increase in the number of crypto products. For example, the appearance of the Visa Coinbase card significantly simplified the process of exchanging digital assets for fiat money.
The expert also confirmed that cryptocurrencies are closely correlated with high-risk assets by the type of shares of fast-growing technology corporations. Some experts even compare the current situation with the period when the market was flooded with so-called dot-com securities.