According to a recent survey by Deutsche Bank, consumers are becoming more receptive to cryptocurrencies, with 40% of them anticipating Bitcoin’s rise.
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In Q1 2024, consumers’ views on cryptocurrencies have improved, according to a recent survey conducted by German investment bank Deutsche Bank.
Spot Bitcoin ETFs were approved during this time, and the overall cryptomarket was rising. According to the report, this has led to 40% of respondents believing that Bitcoin will grow in the upcoming years and less than 1% believing that cryptocurrency is a fad.
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Conversely, over 50% of respondents anticipate a significant decline in the cryptocurrency market by 2026, and 38% think Bitcoin will “disappear” in the upcoming years. This follows the highly visible demise of cryptocurrency exchange FTX and the collapse of cryptocurrency Terra.
Despite the fact that Bitcoin recently reached an all-time high, one-third of clients surveyed by Deutsche Bank think the cryptocurrency’s price will fall below $20,000 by year’s end. 10%, however, believe that Bitcoin will surpass $75,000 in the same amount of time—an increase of 8.7% since this writing.
The struggle to classify cryptocurrencies as an asset class and, thus, give it regulatory authority has accounted for a significant portion of the Securities and Exchange Commission of the United States’ (SEC) campaign against them. The SEC chair, Gary Gensler, has referred to cryptocurrencies as “highly speculative,” and SEC employee Bill Himan famously stated Ethereum isn’t a security.
In addition, it appears that clients of Deutsche Bank are unsure as well. 65 percent of survey participants consider cryptocurrency assets to be a cash substitute, 78 percent consider them to be a type of commodity, and 74 percent think it’s a store of value akin to gold (which isn’t a security).
It is improbable that the SEC’s decisions regarding asset class definitions are influenced by consumer sentiment. The comprehension of customers who have recently had their door to cryptocurrency opened by spot ETFs, however, is interesting to note.
The March Survey revealed that two-thirds of consumers have “no understanding” or “minimal understanding” of cryptocurrencies, which exacerbates the situation. putting the importance of education first for the cryptocurrency sector.
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