BofA’s number of cryptocurrency customers down by 50% since November 2021
Anonymized data showed a sharp decline from a peak of more than 1 million users to less than 500 000 in May of this year
07.07.2022 - 14:15
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What’s new? According to a report from Bank of America (BofA), in May, the number of its customers actively using cryptocurrencies dropped 50% from its peak in November of last year, from more than 1 million to less than 500 000. Analysts added that the bank had only 33 000 customers making their first cryptocurrency transactions in May, down 87% from 267 000 in October 2021. Bitcoin hit an all-time high (ATH) then, surpassing the $69 000 mark; as of July 7 at 13:30 UTC, the asset is trading at $20 393 — a drop of more than 70%.
What does the report say? It is noted that when compiling the report, the bank used anonymized internal data of customers who invested in crypto assets through its platform. This data does not contain information on specific transactions, so it does not provide a complete picture of customers using digital assets, but it may reflect a trend.
Experts noted a decline in the inflow of funds to crypto platforms. At the moment, it is almost equal to outflows, which means a reduction in net investment in such platforms. According to a June survey, 30% of 1 000 respondents had not invested in digital assets and had no plans to do so. In April, the response rate was only 21%. Meanwhile, a survey of current and potential crypto investors found that 91% of them plan to buy more digital assets in the next six months.
According to BofA, cryptocurrencies account for less than 1% of total US household financial assets, which led analysts to conclude that few people view them as a reliable long-term investment.
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