Conducted Bank of America Research In early June after the collapse of the LUNA device to determine market sentiment towards Crypto. Surprisingly, the result showed that people still plan to buy HODL and even use Crypto for online transactions.
This finding is surprising given that the cryptocurrency community is still suffering from a market crash. But even with the ongoing downward trend, many people still believe that the cryptocurrency will bounce back. The number of respondents to this survey was up to 1,000. 90% of these numbers tell researchers that they plan to invest in Crypto before the end of 2022.
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The researchers also discovered that the number of those who are already using cryptocurrency and who plan to invest is the same. With this, BoA analysts concluded that the cryptocurrency sentiment remains positive even with the ongoing problems in the market.
But this position is different from what the leading critics of cryptocurrency think. For someone like Berkshire Hathaway CEO Warren Buffet, Bitcoin has no weight because it doesn’t produce anything. Buffett clarified his position when he announced that he would not buy all the available BTC for $25 even if someone gave it to him.
This statement supported his belief that Bitcoin is not impressive whether the price goes up or down. Buffet sees Bitcoin as an asset where investors are passively hoping the price will rise. For him, this is not something worth applauding.
30% plan HODL, 39% already use encryption
Through the survey, BoA analysts discovered that 30% of the respondents were cryptocurrency holders. This group said that they do not plan to sell their cryptocurrency this year. Instead, they intend to HODL and wait for a better price in the future.
Surprisingly, some investors are still hoping that the cryptocurrency will once again rise from the rubble. Although some analysts say there is no end to the ongoing downtrend, investors are still waiting.
Morale, according to BoA analysts, is feeling good. It shows that all hope is not lost in cryptocurrency. But he also mentioned that investors should be careful because the latest FUD in the industry could still cause another downtrend.
For the remaining 39%, this group revealed that they actually buy things online using digital assets. For them, digital assets are a way to pay for online purchases, not a store of value, enthusiasts say.
Canadian Bank Survey Supports Shareholders
The survey showed that cryptocurrency owners in Canada do not use cryptocurrency as a means of payment. Instead, they use it as an investment asset. In 2021, 13% of Canadians owned Bitcoin compared to 5% who owned Bitcoin in 2020.
According to the bank, BTC holders own an average of $500 worth of cryptocurrency. The Bank of Canada revealed a two-fold growth in the use of Bitcoin.
Regarding Bank of America’s interest in digital assets, the CEO said he cannot join the market yet due to regulations preventing him from doing so.
Featured image from Forbes, chart from TradingView.com