Bear market what? Bank of America Study Shows Interest in Crypto Remains

Bear markets continue to be difficult for most stakeholders in the crypto industry, but a recent survey by Bank of America shows that despite the pain, public interest in crypto and digital assets remains high.

On Tuesday, Bank of America Global Research released a study detailing the findings of its “Initial Crypto/Digital Asset Survey,” conducted earlier this month.

Nearly 91% of the 1,013 individuals polled by the bank indicated that they intend to purchase cryptocurrencies over the next six months. BofA highlighted that the percentage is the same as those who actually bought the cryptocurrency in the past six months.

Related Reading | Based on the survey, most fund managers predict that bitcoin could reach $100K by the end of the year

Bear Market Isn’t A Barrier To Holding Crypto

About 58% of the 1,013 respondents indicated that they currently hold crypto or digital assets, while 42% said they do not currently own crypto but are aiming to buy something in the next six months, bear market or not. .

According to Chief Financial Officer Alistair Borthwick, customer lending and spending remain solid, in addition to strong interest in crypto, despite economic difficulties.

Nearly 91% of the 1,013 respondents in the BofA survey said they intend to buy crypto in the next six months. Image: use bitcoin.

More than a quarter of the BofA study respondents said they have no plans to sell any of their cryptocurrency holdings during the next six months.

As fear of inflation pervades the market, it may come as a surprise to some that crypto units have fallen as fast as they have.

Consumer Interest in Crypto Still High: BofA

“Overall, our data means that consumer interest in the region remains strong despite a sharp drop in crypto prices,” Bank of America said.

Bitcoin has shed two-thirds of its value since its all-time high in November last year, and the one-to-one peg of TeraUSD and its sister counterpart Luna to the US dollar collapsed in May, indicating that Stablecoins are not always as firm as said.

The survey has additional questions regarding non-fungible tokens. More than half of respondents holding digital assets expect to buy NFTs in the coming months, with 38% of respondents disclosing that they also have NFTs.

The total market cap of crypto on the daily chart is $841 billion. Source: TradingView.com

BofA’s debt increased despite market volatility

Chief Financial Officer Alastair Borthwick said the Charlotte, North Carolina-headquartered US lender is on a steady course to achieve single-digit growth in loan volume this year.

The money-management unit’s debt is rising even in a bear market, which should result in a “boost” net-interest income to offset transaction costs, the CFO said.

Related Reading | Crypto workers fired by their bosses can get jobs with this US agency

Meanwhile, bitcoin and ethereum are the most common cryptocurrencies held by individuals in the face of a bear market, accounting for 75 percent and 44%, respectively, Boffa said.

Meme coins like Dogecoin and Shibu Inu are second at 26%, followed by stablecoins at 12%. Amazingly, 8% of respondents said they still own TerraUSD, even though it has no fundamental value today.

Featured image from Yahoo News, Chart from TradingView.com

Source