Bank of America survey reveals that 90% of respondents plan to buy crypto in 2022. Although this time of the year the situation of the cryptocurrency is depreciating and experts are terming this lowering graph to be Crypto Winter. Yet, in the midst of this, a survey conducted by the Bank of America states that most retailers are planning to buy cryptocurrencies as soon as this year.
According to a survey of 1000 people conducted by the Bank of America in early June, it has been observed that 90% of respondents are preparing to buy cryptocurrencies within the next 6 months.
In addition to this, the study reveals that the number of users who own cryptocurrencies was similar to the number who wanted to buy them. This means that the enthusiasm for cryptocurrencies is far from over.
However, there are critics such as Warren Buffet who are skeptical of cryptocurrency every now and then have something to say on his part.
According to the Berkshire Hathaway CEO, Bitcoin does not produce anything which is valuable whether or not its price goes up. According to him, cryptocurrency is a passive asset and investors hold them hoping its price will go up in the future.
Comparing BTC to other options, Buffet points out that Bitcoin as an asset could not beat or surpass other productive assets such as Farmlands and Apartments that produce food and rent. As a result, he says that he is not ready to invest in it even if all the bitcoins in the world are sold to him for $25.
According to the report by Bank of America, despite the massive decline of the crypto market, still, 30% of the respondents said they would not sell their cryptocurrencies during the next 6 months. This highlights their hope for the bearish trend to end and the bullish trend to begin once again.
Currently, Bitcoin has fallen far below the $30K support zone after almost a month of tight consolidation. Jason Kupferberg an analyst of Bank of America said in an interview for CNBC that he is hopeful about the state of the cryptocurrency and that it is going to change as he sees that the investors are positive about buying cryptocurrency in spite of the depreciating condition of the cryptocurrency and also the collapse of Terra’s Luna coin.