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Bitcoin’s Bullish Quarter Eases Retail Skepticism: Deutsche Bank
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Retail investors have become more positive about cryptocurrencies, the survey showed.
40% of those surveyed say they believe bitcoin will thrive in the coming years; 38% said they expect it to disappear.
Over 50% expect another major crypto to collapse by 2026, the report said.
Retail investors became more positive about cryptocurrencies during the first quarter, according to a March survey by German lender Deutsche Bank (DB).
“Consumers have become more positive on crypto in Q1 2024, with less than 1% thinking they are a fad,” the April report said.
Nevertheless, the survey showed that retail investors are not overly optimistic about the outlook for the world’s largest cryptocurrency, with only 10% of people saying they expect it to exceed $75,000 by year-end. Bitcoin was trading over 2% lower over 24 hours at around $69,000 at publication time.
Just under one-third of those surveyed said they expected the bitcoin price to tumble below $20,000 by the end of 2024 and over 50% of respondents said they were worried about another major cryptocurrency collapsing in the next two years.
As many as 40% said they expected bitcoin to thrive in the coming years, while almost as many – 38% – said they expected the digital asset to disappear.
“78% of U.S. consumers see cryptocurrencies as a form of commodities, 76% as alternative assets, and 74% a store of value. 65% see it as replacing cash,” the report said, adding that 52% see cryptocurrencies as an “important asset class and method of payment.”
