A recent Bank Of America survey concludes that 90% of respondents plan to buy bitcoin by 2022.
Bitcoin is still in its early days when we look at the adoption around the world. But according to a new that was conducted by Bank Of America, it is seen as an investment opportunity the vast majority of people.
Amid the market correction, speculators are worried about the length of the bear market. Bitcoiners on the other hand are not worried as they look at Bitcoin fundamentals that haven’t changed.
More and more people are seeing this as the ideal time to invest.
Among the 1,000 people surveyed in early June, around 90% revealed that they were preparing to start investing or saving with bitcoin within the next six months.
This shows a trend against abandoning bitcoin, as skeptical investors such as Warren Buffet have repeatedly assumed.
Considering that bitcoin reached an all-time high of over $66,000 last year and that its price has recently dropped to $21,000, the enthusiasm for acquiring bitcoin is far from over.
According to the study conducted by Bank Of America, 30% of respondents want to hold on to (HODL) their bitcoin, at least for the next six months.
This is regardless of the fact that, according to some analysts, the downtrend is not over.
Jason Kupferberg, an analyst at Bank of America, recently stated that researchers got their data after the collapse of Terra’s LUNA coin, getting “interesting” results. Apparently, it only shows a positive trend by people to acquire bitcoin.
“I think today’s is an example of bad headlines and it wouldn’t be surprising to see another break in cryptocurrencies and in the bitcoin price itself,” Kupferberg said.
Some 39% of these respondents are already familiar with bitcoin, using it as a means of payment for online purchases, which is contrary to the widespread narrative that enthusiasts talk about BTC as a store of value in the face of inflationary trends.
Kupferberg said that, while there is not yet a high level of adoption, it is still possible to see a “growing use of certain types of products,” taking as an example, the advantages offered by Coinbase’s VISA card.
Another measure of adoption is the installation of bitcoin ATMs.
The CEO of Bank of America said that due to current U.S. regulations, they have no plans to adopt bitcoin yet.
The current regulation does not authorize them (for the moment) to engage in any activity that is related to bitcoin. Of course, this is expected to change in the future, mainly due to the increasing demand for bitcoin-related products and the precedent already set by other banks in the U.S.