Almost 70% of the U.S. population hasn't invested in crypto or isn't interested in investing in cryptocurrencies, according to BankofAmerica internal data.
The crypto market slide has frightened off consumers. The number of active crypto users among Bank of America customers fell by more than 50% to fewer than 500,000 between November and May as the market crumbled from its highs, the bank said in a report Wednesday, citing internal data.
First-time users of crypto fell sharply. Only about 33,000 clients conducted a crypto transaction for the first time in May, down 87% from almost 267,000 last October, Bank of America said. For the one-third of customers who were conducting crypto transactions, the data shows they had only a single transaction, generally for a smaller amount. They account for only 5% of the dollar value of crypto transactions. A considerable 69% of customers who conducted crypto transactions during the COVID-19 pandemic are no longer active, the report added.
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