Deutsche Bank: Only 1% of consumers still believe that Bitcoin "will eventually disappear"

Source: cryptoslate

Compiled by: Blockchain Knight

According to a report by Reuters on April 8, citing a survey from Deutsche Bank, BTC and crypto assets are no longer seen by consumers as a fleeting "fad," most people now consider them an integral part of the financial system.

The survey collected feedback from 3,600 individuals, showing a slow but noticeable shift in consumer attitudes towards BTC and crypto assets: while remaining cautiously skeptical, there is also optimism about the financial markets.

The survey revealed that 52% of respondents believe crypto assets will become "an important asset class and payment method" by March this year, compared to less than 40% in a survey conducted in September 2023.

Meanwhile, the proportion of "detractors" has fallen to an all-time low, with only 1% of respondents still believing that BTC "will eventually disappear," down from 20% last year.

On the other hand, the percentage of respondents who believe crypto assets will become "mainstream payment methods" dropped from 20% last year to 5%.

Central Bank Digital Currencies (CBDCs) were also part of the survey, with 15% of respondents believing they will become mainstream, while crypto assets will maintain a secondary position in the financial system.

Additionally, about 25% of respondents believe that crypto assets "will continue to exist but will never become mainstream."

Despite the increasing positivity towards BTC, a significant portion of people still expect BTC prices to decline by the end of the year.

Approximately 30% of respondents believe BTC prices will fall below $20,000 by year-end, down from 35% in February and 36% in January.

At the same time, 25% of respondents believe that by the end of this year, the value of the flagship crypto asset will be between $20,000 and $75,000, with only 10% believing BTC's price will exceed $75,000.

BTC recently reached a three-week high on April 8, following several weeks of trading at a loss, as traders took profits after BTC hit an all-time high of $73,794 in March.

BTC's rebound aligns with the growing enthusiasm for BTC spot ETFs and the prospect of interest rate cuts.

Deutsche Bank analysts expect that the upcoming BTC halving, regulatory developments, expectations of interest rate cuts, and speculation about the SEC (U.S. Securities and Exchange Commission) approving spot Ethereum ETFs will continue to drive the market higher in the coming weeks.