Levels of consumer trust in crypto increasing: Report

According to a recent Deutsche Bank report, there’s been a slight decrease in consumer doubt regarding Bitcoin. However, only around one-third of those surveyed anticipate a significant price decline by the close of 2024.

A survey released on April 8th gathered opinions from approximately 3,600 consumers. Around 52% of them expressed their belief that cryptocurrencies would hold significant importance as an investment class and means of transactions in the future.

In September 2023, a comparable study carried out by Deutsche Bank revealed that fewer than 40% of the participants expressed confidence.

Fewer than 1% of surveyed individuals view cryptocurrencies as a fleeting trend, according to recent data.

The survey examined the Bitcoin price in relation to the approaching halving event. Deutsche Bank analysts predict that several factors – including regulation, central bank rate reductions, and potential SEC approval for a Bitcoin ETF – will help maintain or boost the price.

Approximately one out of every three respondents in the survey predict that the price of Bitcoin will fall beneath $20,000 before the year is over. In contrast, 35% and 36% of participants held this view in February and January, respectively.

However, only 10% have expectations that Bitcoin (BTC) will surpass $75,000 by year-end.

After a busy first quarter for Bitcoin, this poll follows significant developments. In early March, the SEC gave the green light to the United States’ inaugural spot Bitcoin ETF, attracting an unprecedented $1 billion in investments on its debut day.

Around mid-March, the cryptocurrency reached a new peak price of $73,794 and is expected to surge even more, potentially rising by up to 160% following the halving event. This could result in the cryptocurrency reaching an astounding price of $150,000, as suggested by certain market analysts.

Mid-April is expected to see a significant reduction in the cryptocurrency’s value, with some experts pointing to April 20 as a possible date. This anticipated event has led numerous analysts to adopt optimistic views on the digital currency for the forthcoming year. They attribute their bullish stance to increased overall interest and various economic factors influencing the price trend.

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2024-04-09 17:10