The bear market is making issues troublesome for many stakeholders within the crypto business, however a latest survey by the Bank of America reveals that regardless of the ache, folks’s curiosity in crypto and digital belongings stays excessive.
On Tuesday, Bank of America Global Research launched a research detailing the findings of their “inaugural crypto/digital asset survey,” which was performed firstly of this month.
Approximately 91% of the 1,013 people polled by the financial institution indicated that they intend to buy cryptocurrency throughout the subsequent six months. BofA highlighted that the proportion is similar as those that had really bought cryptocurrency up to now six months.
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Bear Market Not A Hindrance To Hold Crypto
Some 58% of the 1,013 respondents indicated they at present maintain crypto or digital belongings, whereas 42% mentioned they don’t at present personal crypto however goal to buy some over the subsequent six months, bear market or not.
According to Chief Financial Officer Alastair Borthwick, regardless of financial difficulties, consumer borrowing and expenditure stay stable, along with sturdy 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 don’t have any plans to promote any of their cryptocurrency holdings throughout the subsequent six months.
As inflation fears engulf the market, it might come as a shock to some that crypto items 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 12 months, 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 extra questions on non-fungible tokens within the survey. More than half of respondents who maintain digital belongings anticipate to buy NFTs within the coming months, with 38% of respondents revealing in addition they possess an NFT.
Crypto whole market cap at $841 billion on the each 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 attain a single-digit improve in mortgage quantity this 12 months.
The wealth-management unit’s loans are growing even in a bear market, which ought to lead to a net-interest earnings “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 p.c and 44 p.c, respectively, BofA mentioned.
Meme cash resembling DogeCoin and Shibu Inu ranked second at 26%, adopted by stablecoins at 12%. Surprisingly, 8% of the respondents mentioned they nonetheless personal TerraUSD despite the fact that it now not has any basic worth right this moment.
Featured picture from Yahoo News, chart from TradingView.com
