BofA survey: 90% of respondents plan to buy crypto in 2022

30% consider digital assets as long-term investments

14.06.2022 - 06:40

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2 min

What’s new? Representatives of Bank of America (BofA) conducted a survey among 1000 respondents from the United States, 91% of them plan to purchase cryptocurrency by the end of 2022. 30% plan to use digital assets as long-term investments. Also, according to the study, 39% of respondents used cryptocurrency as a means of payment for online purchases.

CoinDesk’s material

Survey details. The study found that 90% of respondents had already purchased cryptocurrency this year. According to the bank’s representatives, the average transaction size was around $25. In 2022, the number of purchases tended to exceed the number of sales.

PayPal (PYPL) and Coinbase (COIN) were the most popular platforms, at 53% and 46% respectively. The survey showed that cryptocurrency accounted for less than 10% of total financial investments for 65% of respondents. Meanwhile, 77% of those surveyed have been holding digital assets for less than a year.

Earlier, Bank of America’s chief investment strategist Michael Hartnett predicted that cryptocurrencies could outperform bond and stock yields. He also declared a “recession shock” is coming in the United States due to a tightening of monetary policy by the Federal Reserve System.

According to a report by the Bank of Canada, 13% of citizens own bitcoins. This figure has almost tripled in 2021. The average volume of BTC accumulated is 500 Canadian dollars ($393). The first cryptocurrency is most often used for investments and less often as a means of payment.

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