Only 1% of consumers still think Bitcoin is a passing ‘fad’

Only 1% of consumers still believe that Bitcoin is a passing ‘fad’, according to a recent Deutsche Bank survey. This survey, which gathered responses from 3,600 individuals, revealed a significant shift in consumer attitudes towards Bitcoin and cryptocurrencies. In March, 52% of respondents stated that they believe crypto will become an “important asset class and method of payment,” compared to less than 40% in September 2023. Meanwhile, detractors who believe Bitcoin will eventually fade away have decreased to only 1% of respondents, significantly lower than the 20% reported last year. However, the survey also showed that expectations of Bitcoin’s price vary, with roughly 30% of respondents predicting that its price will fall below $20,000 by the end of the year. Nonetheless, analysts at Deutsche Bank anticipate that various factors like the upcoming Bitcoin halving, regulatory developments, and the potential approval of spot Ethereum ETFs by the SEC will continue to drive the market higher in the coming weeks.