Bank of America analyst Jason Kupferberg spoke about a recent survey conducted by the bank and said that the crypto industry in its current form is similar to the “dot-com bubble.
Jason Kupferberg told CNBC that a recent survey by the bank showed a steady interest among Americans in digital currencies. More than 1,000 Americans took part in the survey, which was conducted earlier this month after the Terra project collapsed.
According to the survey, 90% of Americans plan to buy cryptocurrencies in the next six months. At the same time, the same number of respondents said they had purchased digital currencies in the previous six months. In addition, 30% of respondents said they do not plan to sell cryptocurrencies in the near future.
The survey also aimed to find out whether consumers expect to be able to pay for goods and services with bitcoins and other cryptocurrencies in the near future. According to the results, 39 percent of respondents said they use digital currencies for online purchases.
Bank of America believes there are now too many different cryptocurrency exchanges, digital currencies and tokens themselves. This makes the classification somewhat difficult and complicates the life of ordinary users.
According to the expert, the market needs consolidation, otherwise the industry will begin to resemble the “dot-com bubble”, which was formed as a result of the rise of Internet companies’ shares in the period from 1995 to 2001.
It burst afterwards, leading to a big drop in the NASDAQ index, bankruptcies and a collapse in the price of server computers.
Kupferberg noted that this shake-up proved to be somewhat helpful, as the really significant companies that had strong and innovative ideas were able to successfully emerge from the crisis and continue to operate.