The bear market is making issues tough for many stakeholders within the crypto trade, however a latest survey by the Bank of America reveals that regardless of the ache, individuals’s curiosity in crypto and digital property stays excessive.
On Tuesday, Bank of America Global Research launched a research detailing the findings of their “inaugural crypto/digital asset survey,” which was carried out firstly of this month.
Approximately 91% of the 1,013 people polled by the financial institution indicated that they intend to buy cryptocurrency in the course of the subsequent six months. BofA highlighted that the proportion is identical as those that had truly bought cryptocurrency previously six months.
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Bear Market Not A Hindrance To Hold Crypto
Some 58% of the 1,013 respondents indicated they presently maintain crypto or digital property, whereas 42% mentioned they don’t presently personal crypto however intention to buy some over the following six months, bear market or not.
According to Chief Financial Officer Alastair Borthwick, regardless of financial difficulties, consumer borrowing and expenditure stay strong, along with robust curiosity in crypto.
Around 91% of the 1,013 respondents within the BofA survey mentioned they intend to purchase crypto within the subsequent six months. Image: UseTheBitcoin.
More than 1 / 4 of respondents to the BofA research mentioned they haven’t any plans to promote any of their cryptocurrency holdings in the course of the subsequent six months.
As inflation fears engulf the market, it could come as a shock to some that crypto models have plummeted as precipitously as they’ve.
Consumer Interest In Crypto Still High: BofA
“Overall, our data imply that consumer interest in the sector remains strong despite the severe fall in crypto prices,” Bank of America acknowledged.
Bitcoin has shed two-thirds of its worth since its all-time excessive in November of final yr, and TerraUSD and its sister counterpart Luna’s one-to-one peg to the US greenback collapsed in May, demonstrating that stablecoins aren’t at all times as agency as touted.
There are further questions on non-fungible tokens within the survey. More than half of respondents who maintain digital property anticipate to buy NFTs within the coming months, with 38% of respondents revealing in addition they possess an NFT.
Crypto complete market cap at $841 billion on the day by day chart | Source: TradingView.com
BofA’s Loan Volume Up Despite Bear Market Jitters
Chief Financial Officer Alastair Borthwick acknowledged that the Charlotte, North Carolina-headquartered American lender is on regular course to realize a single-digit enhance in mortgage quantity this yr.
The wealth-management unit’s loans are growing even in a bear market, which ought to end in a net-interest revenue “boost” to offset the transaction prices, the CFO added.
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Meanwhile, Bitcoin and Ethereum are the most typical cryptocurrencies held by people within the face of a bear market, accounting for 75 % and 44 %, respectively, BofA mentioned.
Meme cash similar to DogeCoin and Shibu Inu ranked second at 26%, adopted by stablecoins at 12%. Surprisingly, 8% of the respondents mentioned they nonetheless personal TerraUSD though it now not has any elementary worth right this moment.
Featured picture from Yahoo News, chart from TradingView.com
