Cryptocurrency adoption continues to grow worldwide as more consumers and traditional financial investors turn to Bitcoin. A new survey from Deutsche Bank shows that user skepticism towards Bitcoin (BTC) and other crypto assets is decreasing.
This comes amid increasing reports of a surge Crypto Introduction and awareness in many jurisdictions. Deutsche Bank surveyed 3,600 consumers, over 50% of whom appreciated the importance of the asset.
52% of consumers support Bitcoin
According to the report, 52% of participants viewed Bitcoin and cryptocurrencies as an important asset class and transaction method of the future. This is a huge improvement over previous numbers and shows broader growth and adoption in the cryptocurrency market.
In 2023, less than 40% of participants saw optimism about the asset class. Despite this increase in overall adoption, only 10% of respondents expect the price of Bitcoin to rise above $75,000 by the end of the year. About a third of consumers expect the price to fall below $20,000 by the end of the year.
In previous months, respondents with these pessimistic forecasts were 35% and 36% in January and February, respectively. This figure remains shocking as the recent institutional inflow into the market was triggered by the anticipation and subsequent approval of the spot market Bitcoin ETFs from the US Securities and Exchange Commission (SEC).
Analysts reject Deutsche Bank participants
This year, Bitcoin price rose above $72,000, hitting an all-time high, following renewed institutional appetite in the market. Most analysts believe that the price will not fall as expected by a third of participants. That's because of increasing inflows in the space and the halving event that is expected to initiate another run.
The greater adoption of Bitcoin and other crypto assets found in Deutsche Bank's survey is due to investors viewing the ETF as a form of acceptance and regulation in the industry.
Meanwhile, only 1% of respondents see crypto as a fad that will disappear over time.
Also read: Can Solana (SOL) shine again? Expert shares epic prediction
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