90% of Participants Plan to Buy Crypto in 2022 Reports Bank of America

• Blockchain Council
• September 07, 2022

In early June, Bank of America (BAC) did a survey of 1,000 people, finding that 90% of those surveyed intended to purchase cryptocurrencies over the next six months. 

The extent of this crypto winter is already being debated by many investors, as they hope for its end soon. Following a price fall, “crypto winter” is a protracted period of flat trading. Still, most distributors are waiting for the best moment to acquire cryptocurrencies, which might be this year, according to Bank of America. 

Furthermore, the poll found that the number of investors who possess cryptocurrencies is proportional to the number of people who desire to acquire them. Several renowned crypto skeptic investors like Warren Buffett have projected on several occasions that the passion for cryptocurrencies is not yet over. 

Despite the significant dip in the crypto market, according to Bank of America, 30% of respondents stated they have no plans to sell their cryptocurrencies in the next six months. Despite this, some analysts believe the deteriorating pattern will continue. 

The data was gathered following the failure of Terra’s LUNA currency, according to Jason Kupferberg, a Bank of America analyst, and the outcomes were “intriguing” since they revealed investors’ favorable opinions regarding cryptocurrencies. 

However, Jason Kupferberg already warned the investors about the suspicious news as the FUD might attempt to plummet the crypto market further. 

Another noteworthy figure is that 39% of respondents said they used cryptocurrencies to pay for online goods, which contrasts with the narrative of cryptocurrency fans who advocate these assets as a store of wealth against inflation.

On that subject, Kupferberg stated that, while there is still a low degree of acceptance, “some sorts of crypto-to-fiat goods” are seeing a “growing use,” citing the benefits of Coinbase’s VISA card as an example.

According to a recent post on a well-known website, Bank of America’s CEO claimed that the bank has no plans to enter the cryptocurrency market because current US regulations forbid it. However, there are hopes for future implementations due to the continuous surge in crypto-related products and an optimistic approach taken by other US banks. 

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