According to a new Bank of America study, 90% of more than 1,000 U.S. people want to acquire cryptocurrency in the next six months. Furthermore, approximately 40% of respondents admitted to using cryptocurrencies as a form of payment.
The study was performed early this month, following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd(UST). Analyst went on to say that over 1,000 adults in the United States took part. 30% of all respondents claimed they have no plans to sell their cryptocurrency in the next six months.
Bank of America
The Bank of America study also inquires about consumers’ expectations for using bitcoin or other cryptocurrencies. According to the findings, 39 percent of respondents claimed they use cryptocurrencies to pay for online purchases. Using it as a payment method is certainly intriguing, and we believe that this highlights the growing popularity of some crypto-to-fiat-type items.
Analyst explained that the Coinbase Visa card, for example, allows individuals to purchase with their cryptocurrency anywhere Visa is accepted. Merchants do not need to sign up to take cryptocurrencies. He explained, because the coins are converted to fiat currency before they arrive at merchants.
He spoke on the overwhelming amount of cryptocurrencies in existence as well as decentralization. In actuality, we believe there are too many cryptocurrency exchanges. There are an excessive number of cryptocurrencies and tokens.
“Perhaps it’s eerily similar to the dot-com period.” There were just too many dot-com stocks on the market. “There was a major shakeout, and there were truly large dot-com companies that became extremely successful,” said the Bank of America analyst.