Bank of America Report Shows Crypto Is Far From Dead

Results from a recent Bank of America (BofA) survey show that consumers are still enthusiastic about crypto and digital currencies as a form of payment. 

According to a report by CoinDesk, earlier this week, BofA released a report showing that consumer interest in crypto has managed to rise despite the market correction, with many of those surveyed indicating an intention to buy or use digital assets in the future. 

The survey, which polled 1,000 existing and potential crypto users, found that 91% of respondents had the intention to purchase crypto in the next six months. Furthermore, the same percentage of respondents indicated that they had bought cryptoassets within the last six months. A full 30% indicated that they had no intention to sell their crypto within the next six months, with a similar number of respondents saying they had not sold any digital currencies in the previous six months. 

The report indicates a growth in interest for digital currencies as a form of payment, with 39% of respondents saying they currently use crypto as payment for online purchases and 34% having used crypto for in-person transactions. 

Of those surveyed, 65% reported having less than one-tenth of their investment portfolio in digital assets, with only 15% saying they held one-quarter of their investments in digital assets. The vast majority of respondents indicated that they were short-term investors in crypto, with 77% claiming to have held digital assets for less than one year. 

However, BofA itself does not appear to be in a hurry to dive into crypto. Last month, Brian Moynihan, the Chairman and CEO of BofA, said that his company is not missing out by avoiding the crypto industry.