Deutsche Bank: Only 1% of consumers still believe BTC will “die”

Source: Blockchain Knight

According to a survey by Deutsche Bank cited by Reuters on April 8, BTC and Crypto assets are no longer seen by consumers as fleeting "fashion", and most people now believe that they are an integral part of the financial system.

The survey collected responses from 3,600 people, showing a slow but obvious shift in consumers' attitudes towards BTC and Crypto assets: while being cautious and skeptical, they are also optimistic about the financial market.

The survey showed that 52% of respondents believed that Crypto assets would become "an important asset class and payment method" in March this year, while in the September 2023 survey, this proportion was less than 40%.

At the same time, the proportion of "detractors" has dropped to an all-time low, with only 1% of respondents still believing that BTC "will eventually die", compared with 20% last year.

On the other hand, the number of respondents who believe that Crypto assets will become a "mainstream payment method" has 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 remain secondary to the financial system.

In addition, about 25% of respondents believe that Crypto assets "will continue to exist, but will never become mainstream."

Despite the growing number of people who are positive about BTC, a significant number still expect BTC prices to fall by the end of the year.

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

Meanwhile, 25% of respondents believe that the flagship Crypto asset will be worth between $20,000 and $75,000 by the end of the year, with only 10% believing that BTC will be priced above $75,000.

BTC recently hit a three-week high on April 8 after weeks of trading in the red as traders booked profits after BTC hit an all-time high of $73,794 in March.

BTC’s recovery coincides with growing enthusiasm for spot BTC ETFs and the prospect of interest rate cuts.

Analysts at Deutsche Bank expect the upcoming BTC halving, regulatory developments, expectations of interest rate cuts, and speculation about the SEC (U.S. Securities and Exchange Commission) approving a spot Ethereum ETF to continue driving the market higher in the coming weeks.