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Bank of America Survey Shows Consumers Aren’t Done With Crypto Yet
Results show growing interest in the use of cryptocurrencies as a payment method
By Will Canny
Updated May 11, 2023, 5:36 p.m. Published Jun 13, 2022, 2:09 p.m.
Despite the sharp correction in crypto valuations, consumer interest in the sector is still strong, Bank of America (BAC) said in a report on Monday.
- The bank recently conducted a survey of 1,000 existing and potential users of cryptocurrency and digital-asset exchanges. It found that 91% of respondents intended to buy crypto in the next six months, which was the same percentage as those who said they had bought in the last six months.
- Selling expectations are also steady, with 30% saying they do not plan to sell any of their crypto holdings in the next six months, unchanged from the percentage who said they had not sold any crypto in the previous six months, the report said.
- Average transaction sizes varied, with buys tending to be larger than sales, and the most common transaction size is under $25, the bank said. PayPal (PYPL) and Coinbase (COIN) were the platforms most frequently used – at 53% and 46%, respectively – it added.
- BofA sees growing interest in the use of crypto as a payment method, it said. With 39% and 34% of respondents using crypto as a payment method to make online or in-person purchases, respectively.
- Crypto made up less than 10% of overall financial investments for 65% of respondents, the survey found, but allocations varied, with 15% holding more than 25% of their total financial investments in digital assets.
- The majority of respondents were short-term investors, with 77% normally holding crypto for less than a year, the report added.
Read more: BofA Says Crypto Winter, Contagion Risk Concerns Are Overdone
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