More than 50% of Consumers View Bitcoin as a Major Asset Class: Deutsche Bank
Cryptocurrency adoption continues to grow globally, with more consumers and traditional financial investors turning to Bitcoin. A new Deutsche Bank survey shows that users are becoming less skeptical of Bitcoin (BTC) and other crypto assets.
This comes amid growing reports of an increase crypto adoption and awareness in many jurisdictions. Deutsche Bank surveyed 3,600 consumers and more than 50% of them estimated the importance of the asset.
52% of Consumers Support Bitcoin
According to the report, 52% of respondents see Bitcoin and cryptocurrencies as an important asset class and a method of transaction in the future. This is a huge improvement over previous figures and demonstrates the continued growth and acceptance in the cryptocurrency market.
In 2023, less than 40% of respondents expressed optimism about the asset class. Despite this increase in mainstream adoption, only 10% of respondents predict that the Bitcoin price will rise above $75,000 by the end of the year. About a third of consumers expect the price to fall below $20,000 by the end of the year.
The proportion of participants with these decline predictions in previous months was 35% and 36% in January and February, respectively. This figure remains shocking given the recent institutional entry into the market, triggered by the anticipation and subsequent confirmation of spot markets. Bitcoin ETFs By the United States Securities and Exchange Commission (SEC).
Analysts Dismiss Deutsche Bank’s Participants
This year, the Bitcoin price has surged above $72,000, reaching an all-time high on the back of renewed institutional appetite in the market. Most analysts think the price will not be lower than a third of respondents expect. This is because Increasing entries in space and in the halving event that is predicted to start another race.
Wider acceptance of Bitcoin and other crypto assets, as seen in Deutsche Bank’s survey, comes as investors see ETFs as a form of acceptance and regulation in the industry.
Meanwhile, only 1% of survey respondents think cryptocurrency is something that fades away over time.
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