The crypto winter seems scary, but according to a study by Bank of America, many people see it as an investment opportunity.
Many investors are already talking about how long this crypto winter could last. Still, according to Bank of America, most retailers are waiting for the ideal time to buy cryptocurrencies as soon as this year.
A survey of 1,000 people conducted in early June by Bank of America (BAC) found that 90% of respondents were preparing to buy cryptocurrencies within the next six months.
In addition, the study noted that the number of users who owned cryptocurrencies was similar to the number who wanted to buy.
This means that the enthusiasm for cryptocurrencies is far from over, which some well-known crypto skeptic investors like Warren Buffett have pointed out on numerous occasions.
30% of Crypto Investors Want to HODL Their Tokens
According to Bank of America, 30% of respondents said they had no intentions of selling their cryptocurrencies during the next six months despite the massive decline that the crypto market has suffered. Even so, acording to some analysts, the bearish trend is not over.
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.
However, he pointed out that people must be careful with the news because the FUD could provoke a more accentuated fall in the crypto market.
“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
Another interesting statistic is that 39% of respondents noted that they used cryptocurrencies as a means of payment for online purchases, which differs from the narrative of cryptocurrency enthusiasts who talk about these assets as a store of value in the face of inflation.
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.
Of course, this may change in the future due to the high demand for crypto-related products and the precedent set by other banks in the U.S.