A recent report by Bank of America shows that in spite of a market collapse, consumer interest in cryptocurrency is still strong. In the report, BoA explains, “despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” The report also included a survey conducted by the institution that showed a “growing interest” in crypto as a means of payment.
The Beginning of a New Type of Study by Bank of America
This report is the first of its kind from the banking institution. The Bank of America Global Research published a report Monday showing the results of its “inaugural crypto/digital asset survey” that took place earlier this month.
There was a sum of 1,013 respondents to the survey who identified as a current or prospective crypto/digital asset investor, with 58% saying they currently own a digital asset of some kind. While 42% said they don’t own any now but intend to buy some within the next 6 months.
In the report by Bank of America, their researchers wrote:
“Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.”
According to the results, “91% of respondents expect to buy crypto / digital assets in the next 6 months, the same percentage who said they bought in the last 6 months.”
Additionally, about 30% of respondents said that they did not have intentions to sell their digital assets for at least the next 6 months.
The survey also suggests that crypto is actually growing in consumer interest in terms of using it as a viable payment method. The report mentions, “Interestingly, 39% and 34% of respondents reported using crypto/digital assets as a payment method to make online or in-person purchases, respectively.”
Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.
The survey also included questions pertaining to NFTs. Those respondents who claimed they owned digital assets, 38% responded they owned an NFT, with an overwhelming 50% saying they planned to purchase one in the next few months.
Which Cryptos are the Most Popular?
Survey participants were also asked about which cryptocurrencies they invest in. The report describes:
When asked about which cryptocurrencies they were most interested in, the report returned:
“The most commonly owned crypto / digital assets were, unsurprisingly, bitcoin and Ethereum at 75% and 44% of respondents.”
Moreso, around 26% of the respondents claimed to own meme crypto, like SHIB, and DOGE coin.
12% said they owned stablecoins, like Tether (USDT), TerraUSD (UST), and USD Coin (USDC). Others were Terra (8%), Solana (8%), Avalanche (5%), and finally, Cardano (8%).