A recent survey conducted by Deutsche Bank has found that more than half of respondents expect cryptocurrencies to become an important asset class and method of payment. The survey, which included over 3,600 consumers, indicated a decline in consumer skepticism towards bitcoin.
The survey revealed that 52% of respondents believe cryptocurrencies will play a significant role in the future, compared to less than 40% in a previous survey conducted in September 2023. Additionally, 40% of respondents expressed confidence in bitcoin’s future success, while only 38% expect it to disappear. Less than 1% consider crypto to be merely a passing fad.
Furthermore, the number of U.S. respondents who anticipate bitcoin falling below $20,000 by year-end has decreased. Currently, one-third of respondents hold this view, down from 36% in January and 35% in February. Interestingly, 10% of respondents expect bitcoin to surpass $75,000 by the end of the year.
Deutsche Bank analysts believe that several factors will support the price of bitcoin, including the upcoming bitcoin halving, regulatory developments, central bank rate cuts, and the potential approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Many experts in the industry also anticipate that the bitcoin halving and the increasing demand for spot bitcoin ETFs will drive the price of bitcoin even higher. Notably, Coinbase predicts that bitcoin dips will be aggressively bought in this market cycle compared to previous ones. Skybridge Capital founder, Anthony Scaramucci, suggests that the bitcoin halving has not yet been fully priced in and that there is still significant upside potential. Meanwhile, LMAX’s CEO believes that bitcoin will reach six-digit figures in the future. Bitwise also predicts a strong bullish trend for bitcoin in the long term, emphasizing that the upcoming April halving will likely be the most successful to date.