Over 50% of Consumers See Bitcoin As an Important Asset Class: Deutsche Bank

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Globally, the use of cryptocurrencies like Bitcoin is gaining traction with an increasing number of consumers and traditional finance investors showing interest. According to a recent survey by Deutsche Bank, people are becoming less cautious about investing in Bitcoin and other digital currencies.

Amid rising numbers of stories about more crypto usage and understanding in various locations, a poll conducted by Deutsche Bank of 3,600 people found that over half believe cryptocurrencies hold significance.

52% of Consumers Back Bitcoin 

Based on the study findings, over half of the respondents considered Bitcoin and digital currencies as significant for investments and transactions down the line. This represents a considerable leap forward compared to past figures, indicating expanding adoption and validation within the cryptocurrency realm.

In the year 2023, fewer than 4 in 10 people held a positive view towards Bitcoin as an asset class. Yet, the number of people accepting it has grown. Surprisingly, just 10% of those surveyed believe Bitcoin’s price will surpass $75,000 by year-end. Conversely, close to a third anticipate its price to fall below $20,000 by the end of the year.

Previously, about one-third of respondents predicted bearish outcomes for the bitcoin market, specifically 35% in January and 36% in February. This number is surprising given the recent surge in institutional investment due to the anticipated and subsequent approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).

Analysts Negate Deutsche Bank’s Participants

In 2021, Bitcoin’s price broke through $72,000, reaching an all-time high due to increased institutional demand. Many experts believe that the price will not decrease as some forecasted since there has been a significant increase in investments and the upcoming halving event is expected to trigger further growth.

In simpler terms, Deutsche Bank’s survey indicates that more people are open to using Bitcoin and similar digital currencies because they believe an Exchange-Traded Fund (ETF) will provide legitimacy and oversight within the crypto market.

Meanwhile, only 1% of respondents view crypto as a fad to fade away with time.

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2024-04-09 00:04