US consumers show growing interest in crypto payments according to Bank of America report

What

A recent survey by Bank of America revealed a strong interest in crypto by consumers despite recent trends in market valuations

Why

The survey of 1,000 existing and potential users of cryptocurrency also found that 91% of respondents intended to buy crypto in the next six months

What next

With the annual rate of inflation in the US rising to 8.6%, the majority of respondents were revealed to be short-term investors, with 77% holding crypto for less than a year

The story

Despite recent inflation news, US consumer interest in cryptocurrencies remained strong according to a Bank of America report. 

The survey of 1,000 existing and potential users of cryptocurrency revealed growing interest in the use of cryptocurrencies as a payment method, with 39% using crypto as a payment method to make online or in-person purchases, and 91%  intending to buy crypto within the next six months.

“Using it as a payment method is interesting for sure, and we think what that’s highlighting is the increased use of what we call crypto-to-fiat type products,” Bank of America analyst Jason Kupferberg told CNBC. 

While the most common transaction sizes were under $25, 30% of those who held crypto said they did not intend to sell in the next six months.

However, the amount of long-term investors has fallen with 77% holding crypto for less than a year, the report added.

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