Deutsche Bank Survey Indicates Declining Skepticism and Rising Optimism About Bitcoin's Future
Summary:
A recent survey conducted by Deutsche Bank indicates a slight decrease in consumer skepticism concerning Bitcoin, with just a third of participants expecting a drastic price fall by the end of 2024. The findings also suggested that cryptocurrency, as a significant asset class and payment method, is gaining future relevance, and less than 1% of participants now view cryptocurrency as a temporary trend. While many believe Bitcoin may dip below $20,000 by year-end, analysts predict support from regulation, central bank rate cuts, and a potential Ethereum spot ETF approval from the SEC. The Bitcoin halving event in mid-April is instilling a bullish stance among many.
Recent findings by Deutsche Bank reveal a slight decline in consumer uncertainty regarding Bitcoin (BTC), though a mere third of those surveyed anticipate a severe price plunge by the close of 2024. The survey, conducted on April 8, encompassed opinions from over 3,600 individuals. Just over half (52%) concurred that cryptocurrencies would significantly influence the future as an essential asset class and means of executing payment transactions. Deutsche Bank had conducted a similar survey in September 2023 when confidence levels were below 40%. Currently, those regarding cryptocurrency as a "passing trend destined to evaporate" have decreased to less than 1%, as per the survey. The survey has also analyzed Bitcoin's price considering the upcoming halving. Deutsche Bank examiners predict that the price would find support in regulation, central bank rate reductions, and the expectation of an imminent Ethereum spot ETF green-lighting by the United States Securities and Exchange Commission (SEC).
Adding to these, a third of the survey recipients anticipate Bitcoin value to plummet below the $20,000 threshold by this year's end—a percentage that compares to 35% in February and 36% in January. On the flip side, only 10% foresee that Bitcoin (BTC) would exceed $75,000 by the year's culmination.
This survey accompanies a flurry of activities centering Bitcoin since the year's start. The SEC sanctioned the first-ever U.S. spot Bitcoin ETF earlier in the year, which saw a record surge in net inflows, amounting to $1 billion as of March 12. In mid-March, Bitcoin reached an all-time high of $73,794, fuelling predictions of further escalation, with some projecting the cryptocurrency could appreciate by 160% post-halving, potentially hitting the $150,000 ceiling.
The anticipated halving, touted to occur in mid-April, is triggering a bullish outlook for the cryptocurrency for the upcoming year. Many analysts cite increased overall demand and other overarching economic factors as the potential growth drivers. The period from March 31 to April 6 also saw considerable action on Memecoins creating millionaires, Terraform and Do Kwon held responsible for fraud, and more, as featured in the Hodler’s Digest.
Published At
4/9/2024 5:07:56 PM
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