![\"Bank](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/06\/bank-of-america1.jpg\")
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A new Bank of America survey shows that out of more than 1,000 U.S. adults, 90% plan to buy crypto in the next six months. Moreover, nearly 40% of respondents revealed that they use cryptocurrency as a means of payment.<\/strong>\n<\/p>\n \n The analyst explained that the survey was conducted early this month, which was after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He added that over 1,000 U.S. adults participated, noting that the sample size was \u201cpretty significant.\u201d<\/p>\n Kupferberg opined:\n<\/p>\n It was interesting to see that 90% of respondents said they do plan to buy some amount of crypto in the next six months.<\/p>\n<\/blockquote>\n \n In addition, 30% of all respondents said they do not plan to sell their crypto in the next six months.\n<\/p>\n \n According to the results, 39% of respondents said they use cryptocurrency as a means of payment for online shopping.<\/p>\n The analyst commented:\n<\/p>\n Using it as a payment method is interesting for sure and we think what that\u2019s highlighting is the increased use of certain, what we call, crypto-to-fiat-type products.<\/p>\n<\/blockquote>\n \nFor example, he said the Coinbase Visa card allows people to use their cryptocurrencies to make payments anywhere Visa is accepted. He noted that merchants do not have to sign up to accept cryptocurrencies because the coins are converted to fiat currencies before arriving at merchants.<\/p>\n Commenting on the sheer number of cryptocurrencies in existence and decentralization, he opined:\n<\/p>\n The reality is our view has been there are too many crypto exchanges. There are too many cryptocurrencies and tokens.<\/p>\n<\/blockquote>\n \nBank of America\u2019s Crypto Survey<\/h2>\n
\nBank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC Monday. He was asked about a recent Bank of America survey that showed sustained interest in cryptocurrencies.<\/p>\n\n
\nHe continued: \u201cThat was actually the same percentage who reported having actually bought some crypto over the prior six months.\u201d<\/p>\nUsing Crypto as a Payment Method<\/h2>\n
\nThe Bank of America survey also examines whether consumers expect to pay for goods and services with bitcoin or other cryptocurrencies in the near future.<\/p>\n\n
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\nKupferberg added that \u201cSome amount of consolidation\u201d is needed. \u201cPerhaps it\u2019s a little bit analogous to the dot-com era. There were too many dot-com stocks. There was a big shakeout and there were really significant dot-com companies that became extremely successful,\u201d the Bank of America analyst concluded.<\/p>\n