Only 1% of consumers still think Bitcoin is a passing ‘fad’

Bitcoin and crypto are no longer seen as a passing ‘fad’ among consumers – the majority now see them as an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank survey.

The survey collected responses from 3,600 individuals and revealed a slow but noticeable shift in consumer attitudes towards bitcoin and cryptocurrencies, balancing cautious skepticism with a cautiously optimistic view of their future in the financial market.

‘Important investment category’

According to the survey, 52% of respondents believe crypto will become a “major asset class and payment method” by March, compared to less than 40% of respondents in September 2023.

Meanwhile, detractors have fallen to record lows, with only 1% of respondents still convinced Bitcoin will “eventually disappear” – down from 20% last year.

On the other hand, the number of respondents who believe crypto will become the “dominant payment method” dropped from 20% last year to 5%.

Central bank digital currencies (CBDCs) were also part of the survey, with 15% of respondents saying they would become mainstream, while crypto would continue to play a minor role in the financial system.

Furthermore, approximately 25% of respondents believe that crypto is “here to stay, but will never become mainstream.”

Price expectations

Despite the growing positivity towards Bitcoin, a significant minority expects lower Bitcoin prices by the end of the year.

About 30% of respondents believe the price of Bitcoin will fall below $20,000 by the end of the year – up from 35% in February and 36% in January.

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Meanwhile, 25% believe the flagship crypto will be valued between $20,000 and $75,000 by the end of the year, and only 10% believe Bitcoin’s price will surpass $75,000.

Bitcoin recently hit a three-week high on April 8 after trading in the red for weeks, as traders took profits after hitting a new all-time high at $73,794 in March. The recovery coincides with growing enthusiasm for spot Bitcoin ETFs and the prospect of interest rate cuts.

Analysts at Deutsche Bank expect the upcoming Bitcoin halving, regulatory developments, expected interest rate cuts and speculation about the SEC’s approval of spot Ethereum ETFs to continue to push the market higher in the coming weeks.

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