Survey Reveals More People Attracted Towards Crypto Amid Heavy Downturn

After the LUNA meltdown in early June, Bank of America did research to evaluate market attitude regarding cryptocurrency. The findings revealed that a lot of people continue to plan to use Crypto for online transactions and acquire HODL.

The finding is also shocking as the crypto market continues to fall. Despite the current decline, many still believe that crypto will recover. Around 1,000 people participated in this poll. 90% of these numbers told the researchers that they plan to invest in Crypto before the end of 2022.

The researchers also revealed that the number of those who have earlier invested in cryptocurrency and those who plan to do so are the same. As a result, despite the market’s current troubles, the BoA researchers found that crypto sentiment remains optimistic.

However, leading crypto critics have a different opinion. Bitcoin has no value for someone like Warren Buffett, the CEO of Berkshire Hathaway,since it doesn’t produce anything. Buffett made his position clear when he said he would not buy all of the existing BTC even if someone offered him all of it for $25.

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According to Buffett, BTC is an asset that investors hold passively anticipating will rise in value, which he believes is nothing to be proud of. Buffett thinks of Bitcoin as unimpressive regardless of price fluctuations.

The study revealed that 30% of those who replied were crypto holders, according to the BoA experts. This group said that they would not be selling their cryptocurrency this year. They plan to HODL instead and wait for a better price in the future.

Surprisingly, some investors remain optimistic that cryptocurrency will rise from the ashes. On the other hand, some analysts believe the current gloomy trend will remain and investors continue to wait.

According to BoA analysts, the mood is positive. It demonstrates that crypto’s prospects are not completely bleak. However, he cautioned investors that the recent FUD in the business could result in another decline.

As for the other 39%, this group disclosed they’re already buying things online with digital assets. To them, digital assets are a means of paying for online purchases, not a value store, as enthusiasts say.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing