Bitcoin’s Bullish Quarter Eases Consumer Skepticism: Deutsche Bank

Consumers became more positive about cryptocurrencies during the first quarter, according to a March survey by German lender Deutsche Bank (DB).

“Consumers have become more positive on crypto in Q1 2024, with less than 1% thinking they are a fad,” the April report said.

The data is hardly surprising given the strong rally in crypto markets in that period that was fueled by the January approval of spot bitcoin {{BTC}} exchange-traded funds (ETFs).

Nevertheless, the survey showed that consumers are not overly optimistic about the outlook for the world’s largest cryptocurrency, with only 10% of people saying they expect it to exceed $75,000 by year-end. Bitcoin was trading over 2% lower over 24 hours at around $69,000 at publication time.

Just under one-third of the 3,600 surveyed said they expected the bitcoin price to tumble below $20,000 by the end of 2024 and over 50% of respondents said they were worried about another major cryptocurrency collapsing in the next two years.

As many as 40% said they expected bitcoin to thrive in the coming years, while almost as many – 38% – said they expected the digital asset to disappear.

“78% of U.S. consumers see cryptocurrencies as a form of commodities, 76% as alternative assets, and 74% a store of value. 65% see it as replacing cash,” the report said, adding that 52% see cryptocurrencies as an “important asset class and method of payment.”

UPDATE (April 10, 16:00 UTC): Replaces "retail investors" with "consumers" throughout; adds number of people surveyed in fifth paragraph.