BOA poll: 90% of respondents to buy crypto

15 Jun 2022

A new poll of 1,000 U.S. adults conducted by Bank of America (BOA) reveals 90% plan to purchase cryptocurrency within the next six months, whilst close to 40% said they use crypto as a method of payment.

During an interview with CNBC this week, Bank of America analyst Jason Kupferberg highlighted the sustained interest in cryptocurrencies from respondents, adding that the sample size was “pretty significant.” The survey was carried out earlier this month, following the collapse of Terra (LUNA) and stablecoin TerraUSD (UST), reports

The BOA analyst stated: “It was interesting to see that 90% of respondents said they do plan to buy some amount of crypto in the next six months.

“That was actually the same percentage who reported having actually bought some crypto over the prior six months.”

Moreover, 30% of the 1,000 respondents said they are not planning to sell their crypto over the coming six months.

The Bank of America poll also looked at whether consumers are planning to use Bitcoin and other cryptocurrencies as a means of payment over the short-term. The findings revealed 39% of respondents use crypto to pay for online shopping.

Kupferberg commented: “Using it as a payment method is interesting for sure and we think what that’s highlighting is the increased use of certain, what we call, crypto-to-fiat-type products.”

In addition, the results of the survey showed cryptocurrencies made up less than 10% of overall financial investments for 65% of respondents, whilst 15% hold over 25% of their total financial investments in digital assets, reports CoinDesk.

The majority of the 1,000 adults who participated in the survey were short-term investors, with 77% typically holding crypto for under a year, the report added.

Out of the current crypto investors, 75% said they owned the world’s largest cryptocurrency, Bitcoin and 44% owned Ethereum, the world’s second largest, Yahoo Money reports.