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Consumer interest in cryptocurrencies is still strong. This is what Bank of America (BAC) said in a report on Monday, amidst a volatile Q2 and bloody correction this week.
A survey conducted by the bank which included of 1,000 existing and potential users of cryptocurrency and digital-asset exchanges, found that 91% of respondents have intentions to buy crypto in the next six months.
The report also noted that 30% of respondents do not plan to sell any of their crypto holdings in the next six months.
Bank of America also observes a growing interest in the use of crypto for payments. Of the sample, 39% and 34% of respondents are using crypto as a payment method to make online or person to person purchases, respectively.
Most of the respondents have recently started investing in crypto, with 77% holding crypto just this last year. Furthermore for 65% of the group, crypto was good for less than 10% of overall financial investments. A small group of 15% is holding more than 25% of their total financial investments in digital assets.
A bank analyst, Jason Kupferberg, sat down with CNBC on Monday to discuss the survey results. He noted that the data was collected after the collapse of the Terra ecosystem that the results were “interesting.”
Commenting on Monday’s crash of crypto markets, the analyst said:
“I think today is an example of bad headlines and it wouldn’t be surprising to see another breakdown in the crypto stock and in the Bitcoin price itself.”