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.”

Read more: Many Retail Investors See Bitcoin Price Dropping Below $20K by Year End: Deutsche Bank

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