A recent Bank of America survey says that 90% of respondents plan to buy crypto at some point in the next sixth months. While the survey was taken after the collapse of stablecoin TerraUSD, respondents didn't get the chance to give input amid the crypto market's recent crash. Is it likely that their sentiment will stay the same as assets continue to trade lower? Reeve Collins, CEO and co-founder of BLOCKv, joins Closing Bell to discuss. 

Closing Bell

Survey: 90 Percent Plan to Buy Crypto But Will That Continue After Market Slump?

now amid the crypto markets recent trouble. A new bank of America survey says that 90% of respondents plan to buy some amount of Cryptocurrency within the next six months. The survey was taken before this week's slump. But after the collapse of stable coin terra usd which did spook investors. So what's driving people to invest in christo despite ongoing volatility and a growing list of market pressures joining us now reeve Collins Ceo and co founder of Block V, a leading global platform for creating and distributing programmable N. F. T. S. Read Welcome to the show. What do you think of the statistic I just shared. Is it surprising that 90% of respondents say they would buy crypto in the next six months? I think it's great actually and not a surprise at all due to how popular crypto has become and how much it's been in the news lately. I've been promoting Cryptocurrency for about 10 years now and it's just amazing to see more and more people getting in especially now after this market has actually taken this big dip and it's painful to see. But we're on a roller coaster not a rocket ship. A lot of people dive in thinking it's a rocket ship but they need to realize it definitely goes up and down and that's what they're experiencing today. I mean to that point do you think the mindset could change especially after the rough week we saw with crypto I think it does cause some hesitancy for people. But the funny thing is is when kryptos at $60,000 or I should say Bitcoin is it's $60,000. You have so many people lining up and really wanting to get in and then it drops down to $20,000 and they're like, Oh no, this whole thing doesn't work, it doesn't make sense. So it's just, it's really emotional versus logical. And the bottom line is we should invest with our emotions because you need to trust your gut and go with your heart if this is a ride that you want to be on, if you want to be part of this revolution, if you want to be part of how the world is going to change and how business is going to be done in the future, this technology revolution of the Blockchain than get involved. However, if this roller coaster doesn't make you comfortable deep down then you shouldn't be involved because it's really at the end of the day, it's how you feel about your investments. You shouldn't listen to anyone else except for yourself. I think that's really good advice Revaz you know, a lot of people are still very skeptical when it comes to crypto crypto firms are laying people off. Do you think the sentiment will improve moving forward? Absolutely. As all things that the market's changed. So right now we are in a bear market and I believe a bowl will come when you've heard a lot about web three and so I think that's what's going to pull us out of this crypto bear market will be some real successes in Web three. So when people see some tangible examples of a company that is delivered on the promise of what Web three is, which in a nutshell is from rewarding all the participants in the network, all the users of the platform, if they get rewarded for contributing their time and data and information to that platform and they get rewarded, that will be a success. And so when we see that, I think that will really start driving the market back up again. We often talk about buying the dip when it comes to stocks. Do you think Kryptos recent plunge is actually a great opportunity to buy crypto? So I've always said since the beginning, the best opportunity is whenever you're ready, it's very difficult to follow the market and to time the market. So if you have the cap and you're ready and you feel called to actually start to start invest, then do it. And yes right now is an excellent time. But then again, I always feel it's an excellent time. The market's gonna go up and down. But you have to have a belief if you're going to be in this market that it's eventually going to go back up because the technology is so valuable. A third of survey respondents say they have no intention of selling their crypto assets, why do you think is a motivating factor to hold on to it. It's absolutely around the belief, the understanding that this technology changes the way the world does business. It makes things more efficient, It connects end users to people who are creating the value. And so the end of the day, it it provides significant value to our global economy and that's why people hold, they don't need to get in and out and and sell when the market is going down, they want to hold for the long term, because in the long term we all believe that this will have significant value, Broadly speaking. Do you think the crypto market has reached its bottom? When could we see Bitcoin hovering above $30,000 again. Look, it's impossible, it is impossible to predict, but I always believe and I'm always much more positive about the future and so I think it is going to rise and it's gonna rise on some significant successes. You'll see some new companies, some new applications of this technology that's going to get people excited again and it will pull us out of this bear market into a bull market again, I don't know when that's going to happen, but in the bear there's tons of innovation and that's what drives the bull market that's soon to come. I've really enjoyed this conversation Reeve, Collins Ceo and co founder block me, Thanks so much