A recent survey conducted by Deutsche Bank has unveiled a subtle shift in consumer sentiment towards Bitcoin, indicating a decreasing level of skepticism among respondents. Despite this, a significant portion of those surveyed still anticipate a notable decline in Bitcoin‘s price by the conclusion of 2024.
The survey’s findings carry weight due to the substantial financial investment individuals have made in Bitcoin, with hopes of reaping returns from potential price increases. However, prominent regulatory bodies have consistently emphasized that Bitcoin lacks intrinsic value and poses inherent risks.
According to the survey, which polled over 3,600 consumers, 52% of respondents now believe that cryptocurrencies will play a crucial role as an asset class and method of payment transactions in the future. This figure marks a notable increase from less than 40% recorded in a similar survey conducted in September 2023.
Despite this growing optimism, a third of U.S. respondents expressed expectations for Bitcoin’s value to dip below $20,000 by the end of 2024. However, this percentage has seen a slight decline from 35% in February and 36% in January.
Interestingly, the number of individuals dismissing cryptocurrencies as a passing trend has dwindled to less than 1%, signaling a strengthening confidence in the longevity and relevance of digital currencies.
Nevertheless, a mere 10% of respondents foresee Bitcoin’s price surpassing $75,000 by the end of the year, reflecting a cautious outlook among investors.
Bitcoin recently surged to a three-week high, showcasing resilience after experiencing a significant downturn in 2022. Analysts attribute this resurgence to growing enthusiasm surrounding spot Bitcoin ETFs and anticipations of forthcoming rate reductions.
Looking ahead, some analysts interpret Bitcoin’s rebound above $70,000 as a signal that investors are becoming increasingly indifferent to cautionary advice. Deutsche Bank analysts anticipate continued support for Bitcoin’s price, citing factors such as the upcoming “bitcoin halving,” regulatory developments, central bank interventions, and expectations of approval for spot Ethereum ETFs by the SEC.
