Bank of America says digital currencies appear inevitable

90% of Americans plan to buy crypto in next 6-months: Bank of America

A recent survey from Bank of America (BOA) shows that 90% of Americans plan to buy crypto in the next 6-months. The survey included more than 1000 participants (US Adults), which shows the current penetration of crypto. BOA also found that 2 out of every 5 individuals also used cryptocurrencies as a payment medium. This goes in line with Deloitte’s survey, where more than 75% of retailers wanted to integrate crypto payment options into their business.

BOA survey shows huge crypto adoption

Jason Kupferberg, an analyst from the Bank of America, was recently interviewed by CNBC. There Jason was asked about the bank’s recent survey, which showed a massive interest in cryptocurrencies. The timing of the survey was also pretty important because it did happen after the Luna collapse, which sent shockwaves in the market. The survey showed that 9 out of 10 US adults plan to buy some crypto over the next 6-months. Plus, 30% of those who owned crypto did not have any intention to sell during this period.

90% of Americans plan to buy crypto in next 6-months: Bank of America
Image Source: CNBC

However, the most critical finding of the survey was the growing use of cryptocurrencies as a payment medium. More people (around 39%) are inclined to use crypto for payment when shopping online. It is a really positive thing for the industry as cryptocurrencies have been primarily designed to trump the traditional financial system.

Jason also commented on this finding, saying that it’s interesting to see the increase of use in crypto to fiat-type products. This includes crypto cards that have partnered with payment networks like Visa and Mastercard and can be used almost anywhere. That’s because when a person pays with crypto, it gets converted to fiat and received by the seller.

Comments on the current crash

Jason thinks that there are too many crypto exchanges and tokens in the market. And this is obviously not a good thing and is synonymous with the dot-com era where there were too many dot-com stocks. So, this crash or consolidation is good as it will leave only the strong players in the market. Cleanups are necessary from time to time, so this crash is good in that sense.

What are your thoughts on the Bank of America survey showing that 90% of Americans plan to buy crypto in the next 6-months? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.