A recent Deutsche Bank study shows that consumer trust in cryptocurrencies has increased and Mistrust has decreased, signalling crypto adoption.
The poll, released on April 8, included more than 3,600 people. In the future, over half (52%) think cryptocurrencies will be an “important asset class and method of payment transactions.”
In September 2023, Deutsche Bank carried out a similar study, and the results indicated less than 40% confidence.
As per the poll, the proportion of participants who view cryptocurrency as merely a passing craze has decreased to less than 1%.
The survey also examined Bitcoin’s price in relation to the impending halving. Analysts at Deutsche Bank stated that they anticipate regulatory backing, rate reductions from central banks, and the prospect of the US Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded fund (ETF).
One-third of those who took the survey said that by the end of 2024, the price of Bitcoin would fall below $20,000. This amount contrasts with 36% in January and 35% in February. However, only 10% believe that Bitcoin will reach $75,000 by the end of the year.
This poll results from a lot of action that has been going on with Bitcoin since the start of 2024. The SEC authorized the first spot Bitcoin ETFs in the United States in January, and on March 12, they saw a record daily net inflow of $1 billion.
Bitcoin reached a new all-time high of $73,794 in mid-March, and many predict it could rise even higher—some predictions put it at 160% after the halving, meaning it may reach $150,000.
Many forecast the halving in mid-April, with April 20 as the likely date. Because of this development, several analysts are predicting a positive year for cryptocurrencies, pointing to increased demand across the board and other macroeconomic drivers of price.
