US consumers still willing to buy crypto

Research published on Monday reveals that 91% of respondents were still willing to buy cryptocurrency in the next six months.

This is despite a crypto winter having settled in, according to the survey conducted by the Bank of America (BofA).

A total of 1,000 people were interviewed by the bank which attempted to gauge public perception for the sector amidst one of its sharpest downturns.

Selling expectations remain steady though. At least 30% of respondents have confirmed that they have no immediate plans to sell their cryptocurrency assets in the next six months.

A similar percentage said that they had not sold any cryptocurrency assets in the past six months.

Most of the interviewees used PayPal and Coinbase as their preferred platforms when dealing with cryptocurrencies.

There has been a notable increase in the number of people who now use cryptocurrencies to settle payments. This applied to both online and in-person purchases.

However, cryptocurrencies still accounted for less than 10% of the overall financial investment portfolios for 65% of respondents.

The bulk of the investors were short-term. The survey found that 77% of those interviewed had held their cryptocurrencies for less than a year at the time of the interview.

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Updated: 06/14/2022 — 11:00