According to a recent survey conducted by Deutsche Bank, consumer skepticism towards Bitcoin has decreased slightly. However, less than one-third of the survey respondents still anticipate a significant price drop by the end of 2024.
The survey, which was published on April 8, gathered responses from over 3,600 consumers. It revealed that slightly more than half of the participants (52%) believe that cryptocurrencies will become an important asset class and a widely-used method of payment in the future.
In a similar survey conducted by Deutsche Bank in September 2023, less than 40% of respondents expressed confidence in cryptocurrencies.
The survey also showed that the number of individuals who consider crypto to be a passing fad has dropped to less than 1%.
The survey also examined the price of Bitcoin in light of the upcoming halving event. Deutsche Bank analysts predict that the price of Bitcoin will be supported by regulations, central bank rate cuts, and the anticipation of a spot Ethereum exchange-traded fund (ETF) approval by the United States Securities and Exchange Commission (SEC).
One-third of the survey participants expect Bitcoin to drop below the $20,000 price point by the end of 2024. This figure is lower compared to 35% in February and 36% in January.
However, only 10% of respondents expect Bitcoin to surpass $75,000 by the end of the year.
This survey comes after a period of significant activity in the Bitcoin market since the beginning of 2024. In January, the SEC approved the first U.S.-based spot Bitcoin ETFs, which resulted in a record $1 billion daily net inflow on March 12.
In mid-March, the cryptocurrency reached a new all-time high of $73,794 and is expected to increase further, with some analysts estimating a 160% surge after the halving. This means that Bitcoin could potentially reach the $150,000 mark.
The halving event is expected to occur in mid-April, with April 20 being a popular prediction. This event has led some analysts to adopt a bullish stance on Bitcoin for the coming year, citing increased overall demand and other macroeconomic factors driving the price.
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