Over 50% of Consumers See Bitcoin As an Important Asset Class: Deutsche Bank
Highlights
- Deutsche Bank conducted a survey on cryptocurrencies.
- Over 50% of respondents view crypto as an important asset class.
- A third of participants still expect a price crash.
Crypto adoption continues to grow globally with more consumers and traditional finance investors leaning toward Bitcoin. A new Deutsche Bank survey shows users becoming less skeptical of Bitcoin (BTC) and other crypto assets.
This comes amid growing reports of increased crypto adoption and awareness in many jurisdictions. Deutsche Bank surveyed 3,600 consumers with over 50% projecting the importance of the asset.
52% of Consumers Back Bitcoin
According to the report, 52% of participants viewed Bitcoin and cryptocurrencies as an important asset class and a method of transaction in the future. This is a huge improvement from previous numbers and shows wider growth and acceptance in the cryptocurrency market.
In 2023, less than 40% of participants saw optimism of the asset class. Despite this rise in general acceptance, only 10% of respondents project the price of Bitcoin to soar above $75,000 by the end of the year. About a third of consumers expect the price to drop below $20,000 by the end of the year.
In previous months, respondents with these bearish projections stood at 35% and 36% in January and February respectively. This figure remains shocking because of the recent institutional inflow in the market sparked by the anticipation and subsequent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
Analysts Negate Deutsche Bank’s Participants
This year, Bitcoin price soared above $72,000 and hit an all-time high following renewed institutional appetite in the market. Most analysts feel the price will not go lower as expected by a third of participants. This is because of surging inflows in the space and the halving event which is predicted to usher in another run.
The wider acceptance of Bitcoin and other crypto assets as seen in Deutsche Bank’s survey comes as investors view the ETF as a form of acceptance and regulation in the industry.
Meanwhile, only 1% of respondents view crypto as a fad to fade away with time.
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