Latest News

90% of adults in the United States want to buy cryptocurrency

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.