Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Crypto survey shows less consumer scepticism, but a third expect bitcoin price fall

by Staff GBAF Publications Ltd
0 comment

Crypto survey shows less consumer scepticism, but a third expect bitcoin price fall

(This April 8 story has been corrected to fix the bitcoin record high in paragraph 7)

LONDON (Reuters) – Consumers are becoming slightly less sceptical about bitcoin, a Deutsche Bank survey published on Monday showed, although just under a third of those questioned still expect its price to drop sharply by the end of 2024.

WHY IT’S IMPORTANT

Although people have poured billions of dollars into bitcoin, hoping for returns if its price rises, top regulators have said it has no inherent value and presents risks.

BY THE NUMBERS

Deutsche Bank said it surveyed more than 3,600 consumers, with 52% of respondents saying cryptocurrencies will be an “important asset class and method of payment transactions” in future. Less than 40% said that when surveyed in September 2023.

A third of U.S. respondents expect bitcoin to drop below $20,000 by the end of 2024. This group is getting slightly smaller. It was 35% in February and 36% in January.

The number of people who think cryptocurrencies are “just a fad that will eventually fade” dropped to less than 1%.

Still, only 10% of respondents expect bitcoin to be above $75,000 by year-end.

CONTEXT

Bitcoin hit a three-week high on Monday. It reached an all-time high of $73,803.25 in March, recovering from a dramatic plunge in 2022.

The recent revival is due to excitement about spot bitcoin ETFs and expectations of rate cuts, analysts say.

WHAT’S NEXT

Some analysts see bitcoin’s recent recovery above $70,000 as a sign that investors are shrugging off the warnings.

Deutsche Bank analysts said expect bitcoin’s price to be supported by the upcoming “bitcoin halving”, as well as by regulation, central bank rate cuts, and expectations that the SEC will approve spot ethereum ETFs.

 

(Reporting by Elizabeth Howcroft; Editing by Dhara Ranasinghe and Alexander Smith)