According to Jason Kupferberg, an analyst at Bank of America, the survey was conducted on 1 June, coming in the aftermath of the Terra Luna collapse. The sample size was 1,000 US adults.
Bitcoin adoption and payments
On the use of Bitcoin and other cryptocurrencies, the bank says adoption is not very much pronounced.
Bank of America also says the crypto market is likely not seeing a major shift in global adoption to too many cryptocurrencies and crypto exchanges. Likening it to the dotcom era, Kupferberg says some of the projects are most likely going to fade away, before those that survive see greater adoption.
BTC and stocks price correlation
The BofA analyst also noted that Bitcoin continues to correlate highly with stocks, especially high growth tech stocks. This lockstep trading has a BTC price tank alongside downturns in the market, trending in a bear market as major stocks sold-off.
On Monday, Bitcoin price fell nearly 18% as negative headlines around Celsius Network compounded the downside pressure. BTC/USD fell to a 24-hour low of $22,725.