The latest findings from a Deutsche Bank survey indicate a rise in consumer trust in cryptocurrencies, particularly Bitcoin (BTC). Despite lingering skepticism about price volatility, the survey suggests growing confidence in crypto's future as an asset class and payment method.
Consumer trust in cryptocurrencies, notably Bitcoin, sees an uptick according to a recent Deutsche Bank survey, signaling evolving sentiments amid lingering concerns over price volatility.) has fallen slightly, although less than a third of survey respondents still expect a sharp price drop by the end of 2024.
The survey, published on April 8, polled over 3,600 consumers. Slightly more than half agreeing that cryptocurrencies as a whole will be an “important asset class and method of payment transactions” in the future. A similar survey was conducted by Deutsche Bank back in September 2023, which showed less than 40% confidence.
The amount of respondents who consider crypto to just be a “fad that will eventually fade” has now dropped to less than 1%, according to the survey.. Deutsche Bank analysts said they expect the price to be supported by, along with regulation, central bank rate cuts and the anticipation of a spot Ethereum ETF approval from the United States Securities and Exchange Commission .A third of the survey participants said they expect Bitcoin to dip below the $20,000 price point by the end of the year.
This survey comes after much activity surrounding Bitcoin since the beginning of the year. Early on the SEC approved the U.S.’s first spot Bitcoin ETF, which pulled in a recordon the cryptocurrency for the upcoming year, with many citing the heightened overall demand and other macroeconomic factors driving the price.
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