Consumer Trust in Crypto Is Growing

A recent survey by Deutsche Bank indicates a slight decrease in consumer skepticism towards Bitcoin, though still less than one-third of the participants anticipate a significant decline in its price by the end of 2024.

Conducted on April 8, the survey involved more than 3,600 individuals.

Of these, over half (52%) believe that cryptocurrencies will become a vital asset class and means of conducting transactions in the future.

This outlook shows an improvement from a similar survey in September 2023, which recorded less than 40% confidence in cryptocurrencies.

The percentage of respondents viewing cryptocurrencies as a temporary trend has now diminished to under 1%, as per the survey's findings.

Deutsche Bank's analysts predict that upcoming regulatory measures, reductions in central bank rates, and the potential approval of a spot Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) will support Bitcoin's price.

About one-third of those surveyed anticipate Bitcoin's value to fall below $20,000 by the end of 2024, a slight decrease from 35% in February and 36% in January.

Conversely, a mere 10% of participants foresee Bitcoin exceeding $75,000 by the close of the year.

This survey follows significant developments in Bitcoin's trajectory since the onset of 2024.

Notably, January saw the SEC's approval of the first spot Bitcoin ETFs in the U.S., attracting a record-breaking $1 billion in daily net inflows on March 12.

In mid-March, Bitcoin reached a new peak of $73,794 and is expected to surge even higher post-halving, with some predictions suggesting a potential 160% increase, potentially elevating its price to around $150,000, as forecasted by some experts.

The anticipated halving event, expected to take place around mid-April, particularly on April 20, has led several analysts to adopt an optimistic outlook for Bitcoin throughout the year, driven by increased demand and other significant economic factors.

Sources:

https://cointelegraph.com/news/levels-consumer-trust-crypto-jumps-report

https://www.nature.com/articles/s41599-023-02528-7