A recent survey conducted by Deutsche Bank revealed that Bitcoin and cryptocurrencies are no longer viewed as a passing trend by consumers. According to the survey of 3,600 individuals, more than half now consider crypto to be an important part of the financial system.
The survey showed that 52% of respondents believe that crypto will become an important asset class and method of payment, a significant increase from previous years. Meanwhile, only 1% of respondents still believe that Bitcoin will fade away, compared to 20% last year.
Despite the growing optimism towards crypto, a minority of respondents expect lower Bitcoin prices by the end of the year. Roughly 30% believe Bitcoin’s price will fall below $20,000, while 25% expect it to be valued between $20,000 and $75,000.
Bitcoin recently saw a three-week high after trading in the red for weeks, a recovery that analysts attribute to growing enthusiasm for spot Bitcoin ETFs and the possibility of interest rate cuts. Analysts at Deutsche Bank predict that factors such as the upcoming Bitcoin halving, regulatory developments, and speculation about the approval of spot Ethereum ETFs by the SEC will continue to drive the market higher in the coming weeks.
