Many investors are already wondering how long this crypto winter might last. Bank of America says that most retailers wait for the right time to purchase cryptocurrencies.
Bank of America (BAC), conducted a survey of 1000 people in June and found that 90% of respondents planned to buy cryptocurrencies within the next six-months.
The study also found that the number users who own cryptocurrencies is similar to those who want to buy them. This shows that cryptocurrency enthusiasts are not over. Warren Buffett, a well-known crypto skeptic investor, has repeatedly pointed this out.
30% of Crypto Investors want to HODL their Tokens
Bank of America found that 30% of respondents stated they would not sell their cryptocurrency in the next six months, despite the huge decline of the crypto market. However, analysts say that the bearish trend continues.
Jason Kupferberg, an analyst for Bank of America, said during an interview for CNBC that researchers obtained their data after the collapse of Terra’s LUNA coin and that the results were “interesting,” as they show a positive sentiment towards cryptocurrencies on the part of investors. He warned that news can cause a more severe fall in crypto market, and that people should be cautious about what they are reading.
“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.”
39% of respondents use cryptocurrencies for online purchases
A third interesting statistic is that 39% said they used cryptocurrency as a payment method for online purchases. This differs from the story of cryptocurrency enthusiasts who see these assets in an inflation-proof store of value.
On that topic, Kupferberg noted that although there is not yet a high level of adoption, it is still possible to see an “increasing use of certain types of crypto-to-fiat products,” taking as an example the advantages offered by Coinbase’s VISA card.
As CryptoPotato recently reported, the Bank of America’s CEO said that BofA has no plans to enter the cryptocurrency market because it cannot do so due to current U.S. regulation, which does not authorize them to engage in activities involving cryptocurrencies. This could change due to high demand for crypto-related products as well as the precedent set by U.S. banks.