A new poll of retail investors by German lender Deutsche Bank (DB) found that many expect the price of Bitcoin (BTC) to drop below $20,000 U.S. this year.
The bank surveyed 2,000 consumers in the U.S., Britain, and Europe following the approval of spot bitcoin exchange-traded funds (ETFs) in America.
More than one-third (33%) of survey respondents said that Bitcoin’s prices will drop below $20,000 by year’s end.
Additionally, more people surveyed said that they expect Bitcoin to disappear rather than stay in coming years.
The Deutsche Bank poll found that 39% of participants believe Bitcoin will continue to exist, while 42% expect it to disappear entirely.
Bitcoin, which is the world’s largest cryptocurrency by market value, has seen its price slump following the launch of spot ETFs in the U.S. earlier in January.
The price of Bitcoin is currently hovering around $42,350 U.S., down from a peak of $49,000 U.S. before the ETF approvals.
The approval of spot bitcoin ETFs in the U.S. was expected to be a milestone for the crypto industry but has since become a “sell the news” event.
Retail investors, by and large, have a dark outlook for cryptocurrencies, with more than half of the respondents in the Deutsche Bank survey expressing concerns about a major price collapse within the next two years.
The bank’s recent survey also highlights a general lack of understanding about cryptocurrencies among individual investors, with two-thirds of people polled having little or no understanding of digital assets, said Deutsche Bank.
Despite its recent decline, the price of Bitcoin is still up 78% over the last 12 months.
