More than half of participants in a recent Deutsche Bank survey anticipated cryptocurrencies to grow in importance as an asset class and a form of payment. Furthermore, 10% of participants anticipate that by year’s end, the price of bitcoin will surpass $75,000.
The Crypto Survey by Deutsche Bank
This week’s publication of a survey by Deutsche Bank with over 3,600 participants shows a decrease in consumer mistrust toward bitcoin.
In contrast to fewer than 40% in the September 2023 study, more than half (52%) of the respondents to the March survey think that cryptocurrencies will eventually become a “important asset class and method of payment transactions.”
According to the poll, 38% of participants believe bitcoin will vanish in the coming years, while 40% of participants are optimistic about it flourishing. Furthermore, fewer than 1% believe that cryptocurrencies are “just a fad that will eventually fade.”
A declining percentage of American participants in the Deutsche Bank study anticipate bitcoin will drop below $20,000 by year’s end. This opinion is now held by one-third of people, down from 36% in January and 35% in February. 10% of respondents also believe that by year’s end, bitcoin will be worth more than $75,000.
The impending bitcoin halving, regulation, central bank rate reduction, and predictions that the U.S. Securities and Exchange Commission (SEC) will authorize spot Ethereum exchange-traded funds (ETFs) are some of the factors that Deutsche Bank’s analysts believe will support the price of bitcoin.
The demand for spot bitcoin ETFs is growing, and many predict that the halving of bitcoin will result in a significant increase in price. According to cryptocurrency exchange Coinbase, this cycle will see “more aggressive buying” of bitcoin declines than the previous ones. Anthony Scaramucci, founder of Skybridge Capital, claims there is still much potential to bitcoin and that the halving is not priced in. The CEO of LMAX anticipates that bitcoin will eventually trade in six figures. As for the bitcoin bull market, Bitwise predicts that it will be “raging” in the long run and that the forthcoming April halving will be “the most successful we’ve seen.”
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