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Crypto Survey Indicates Decreased Consumer Skepticism, Yet a Third Foresee Bitcoin Price Decline

According to a Deutsche Bank survey released on Monday, consumers are showing slightly less skepticism towards bitcoin, although nearly a third of respondents still anticipate a significant drop in its price by the end of 2024.

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Why It Matters:

Despite significant investment in bitcoin with hopes of profit from potential price surges, leading regulators have emphasized its lack of intrinsic value and associated risks.

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Survey Insights:

Deutsche Bank conducted the survey among over 3,600 consumers, revealing that 52% of respondents believe cryptocurrencies will emerge as an “important asset class and method of payment transactions” in the future, compared to less than 40% in September 2023.

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About a third of U.S. respondents anticipate bitcoin’s price to dip below $20,000 by the end of 2024. This group is marginally shrinking, down from 35% in February and 36% in January.

The percentage of individuals perceiving cryptocurrencies as a passing fad has plummeted to less than 1%.

However, only 10% of respondents anticipate bitcoin surpassing $75,000 by the year’s end.

Bitcoin Performance and Expectations:

Bitcoin reached a three-week peak on Monday, following its all-time high of $73,803.25 in March, rebounding from a significant downturn in 2022.

Analysts attribute the recent resurgence to excitement surrounding spot bitcoin ETFs and expectations of interest rate reductions.

What Lies Ahead:

Certain analysts interpret bitcoin’s recent climb above $70,000 as an indication that investors are disregarding cautionary advice.

Deutsche Bank analysts foresee continued support for bitcoin’s price from factors such as the upcoming “bitcoin halving,” regulatory developments, central bank rate cuts, and expectations for SEC approval of spot ethereum ETFs.

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