Bitcoin (
$110,171.00 ) and crypto are no longer seen as a fleeting “fad” among consumers — the majority now consider them an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank survey.
The survey gathered responses from 3,600 individuals and revealed a slow yet noticeable shift in consumer attitudes towards Bitcoin ( $110,171.00 ) and cryptocurrencies, balancing cautious skepticism with a cautiously optimistic outlook for their future in the financial market.
‘Important asset class’
According to the survey, 52% of respondents believe crypto will become an “important asset class and method of payment” in March, compared to less than 40% of respondents in September 2023.
Meanwhile, detractors have fallen to record lows, and only 1% of the respondents still hold the belief that Bitcoin ( $110,171.00 ) “will eventually fade away” — versus 20% last year.
On the other hand, respondents who believe crypto will become the “dominant payment method” fell to 5% from 20% in the previous year.
Central bank digital currencies (CBDCs) were also part of the survey, with 15% of respondents saying they would become mainstream, while crypto would maintain a minor role in the financial system.
Additionally, about 25% of respondents believe crypto is “here to stay, but will never become mainstream.”
Price expectations
Despite growing positivity toward Bitcoin ( $110,171.00 ) , a significant minority expect lower Bitcoin ( $110,171.00 ) prices by the end of the year.
Roughly 30% of respondents believe Bitcoin ( $110,171.00 ) ’s price will fall below $20,000 by year-end — down from 35% in February and 36% in January.
Meanwhile, 25% believe the flagship crypto will be valued between $20,000 and $75,000 by the end of the year, and only 10% believe Bitcoin ( $110,171.00 ) ’s price will surpass $75,000.
Bitcoin ( $110,171.00 ) recently achieved a three-week high on April 8 after weeks of trading in the red as traders took profits after it hit a new all-time high at $73,794 in March. The recovery aligns with growing enthusiasm for spot Bitcoin ( $110,171.00 ) ETFs and the prospect of interest rate cuts.
Analysts at Deutsche Bank anticipate that the upcoming Bitcoin ( $110,171.00 ) halving, regulatory developments, expected rate cuts, and speculation about the SEC’s approval of spot Ethereum (
$0.00 ) ETFs will continue to drive the market higher in the coming weeks.
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