BofA Survey Showed Increase In Crypto Adoption Despite Bloodbath

Data from the recent Bank of America (BofA) survey showed that consumers are still enthusiastic about crypto and digital currencies as a form of payment. 

More Customers Want Crypto As Payment Form

Bank of America reportedly revealed the data of its survey earlier this week. The data showed a striking increase in the customers’ interest in digital assets regardless of the current bloodbath. 

In addition, most of the surveyed subjects intend to purchase or utilize cryptocurrency soon. 1000 individuals were surveyed in the exercise, they include both crypto-inclined and potential crypto users. 

The data showed that about 91% of the respondents would like to buy digital assets shortly. Interestingly, 91% of respondents also revealed that they have purchased digital assets in the past months of this year. 

Meanwhile, 30% of them revealed that they would hold onto their crypto assets for the rest of the year. About 30% also reported that they have not sold any of their assets since the year began. 

Furthermore, the data indicated significant growth in demand for crypto assets as a payment form. 39% of the surveyed individuals are using cryptocurrencies to pay for their shopping online. 

Also, 34% have once used crypto to pay for transactions offline, in-person. Among the respondents, 65% claimed crypto assets occupied one-tenth of their investment portfolio. 

Meanwhile, 15% said crypto occupied one-fourth of theirs. Lastly, 77% confirm that they have only held crypto-assets for less than 12 months. 

This showed that the majority of the respondents are short-term crypto investors. Despite the positive result of the survey, BofA seemed not to be ready to venture into digital assets. 

BofA Is Not Missing Out On Anything

The CEO at BofA, Brian Moynihan, revealed that the firm’s crypto celibacy is not costing it anything. Speaking in an interview on May 25, Moynihan was questioned if he thinks his firm was missing out by not adopting crypto. 

He simply replied no. Then he explained further that his firm cannot go all-in into crypto because it’s strictly regulated. 

Moynihan continued that the firm’s focus is to help over five million users plan good financial lives. He added that they are determined to use their life plans and financial planning tools to make life easier for customers. 

The CEO said BofA had been dishing out its duties perfectly since its inception three years ago. Hence, it is not missing out on anything by not adopting crypto just yet. 

Moynihan who is a veteran in the banking industry has been the CEO of BofA for 12 years now. He concluded that the digital banking firm would continue to help customers make their funds work for them.

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