A new survey from Deutsche Bank (DB) has found that consumers are becoming less skeptical of Bitcoin (BTC) and other cryptocurrencies.
However, a third (33%) of survey respondents said they expect the price of Bitcoin to decline sharply by the end of this year.
The survey results come as individual retail investors allocate billions of dollars to new spot Bitcoin exchange-traded funds (ETFs).
The Deutsche Bank survey of more than 3,600 consumers found that 52% view crypto as an “important asset class and method of payment transactions.”
Less than 40% of people said the same when last surveyed in September 2023.
Furthermore, the number of people who think crypto is “just a fad that will eventually fade” has declined to less than 1%.
While the improved view of crypto is noteworthy, a third of respondents said they still expect Bitcoin’s price to drop below $20,000 U.S. by year’s end.
Bitcoin is currently trading at $70,500 U.S. per token.
Only 10% of survey respondents expect Bitcoin’s price to be above $75,000 U.S. by the end of 2024.
Bitcoin reached an all-time high of $73,803.25 U.S. on March 14, recovering from a dramatic selloff during the 2022 bear market.
The stock of Deutsche Bank has risen 57% in the last 12 months to trade at $16.16 U.S. per share.
