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Report Shows Growing Consumer Confidence in Cryptocurrencies, Despite Price Concerns

Apr 9, 2024 at 06:03

A recent survey conducted by Deutsche Bank indicates a rise in consumer trust towards cryptocurrencies, particularly Bitcoin, highlighting shifting perceptions amidst ongoing worries about price fluctuations.

The survey, released on April 8 and involving over 3,600 respondents, suggests a slight decrease in skepticism regarding Bitcoin, although less than a third of participants anticipate a significant price decline by the end of 2024.

Approximately 52% of respondents now believe that cryptocurrencies will become a significant asset class and a viable method of payment in the future, reflecting a notable increase compared to previous surveys conducted by Deutsche Bank.

Interestingly, the number of individuals dismissing cryptocurrencies as a passing trend has dwindled to less than 1%, according to the survey findings.

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Regarding Bitcoin’s price trajectory, analysts at Deutsche Bank anticipate support driven by regulatory measures, central bank rate adjustments, and the anticipation of a potential Ethereum exchange-traded fund (ETF) approval by the SEC.

Despite ongoing price volatility, only a third of participants foresee Bitcoin dropping below the $20,000 mark by the end of 2024, down from previous months. Conversely, a mere 10% predict Bitcoin exceeding $75,000 by the same timeframe.

The survey’s release follows a flurry of Bitcoin-related developments in 2024, including the approval of the first U.S.-based spot Bitcoin ETFs by the SEC in January, resulting in record daily inflows. Moreover, Bitcoin reached an all-time high of $73,794 in mid-March, with projections indicating further increases post-halving, possibly reaching $150,000 according to some analysts.

The anticipated Bitcoin halving, expected around mid-April, has prompted optimistic forecasts among analysts, buoyed by heightened demand and macroeconomic factors influencing prices.

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