Only 1% of consumers still think Bitcoin is a passing ‘fad’

Bitcoin and crypto are no longer seen as a fleeting “fad” among consumers — the majority now consider them an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank survey.

The survey gathered responses from 3,600 individuals and revealed a slow yet noticeable shift in consumer attitudes towards bitcoin and cryptocurrencies, balancing cautious skepticism with a cautiously optimistic outlook for their future in the financial market.

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‘Important asset class’

According to the survey, 52% of respondents believe crypto will become an “important asset class and method of payment” in March, compared to less than 40% of respondents in September 2023.

Meanwhile, detractors have fallen to record lows, and only 1% of the respondents still hold the belief that Bitcoin “will eventually fade away”  — versus 20% last year.

On the other hand, respondents who believe crypto will become the “dominant payment method” fell to 5% from 20% in the previous year.

Central bank digital currencies (CBDCs) were also part of the survey, with 15% of respondents saying they would become mainstream, while crypto would maintain a minor role in the financial system.

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Additionally, about 25% of respondents believe crypto is “here to stay, but will never become mainstream.”

Price expectations

Despite growing positivity toward Bitcoin, a significant minority expect lower Bitcoin prices by the end of the year.

Roughly 30% of respondents believe Bitcoin’s price will fall below $20,000 by year-end — down from 35% in February and 36% in January.

Meanwhile, 25% believe the flagship crypto will be valued between $20,000 and $75,000 by the end of the year, and only 10% believe Bitcoin’s price will surpass $75,000.

Bitcoin recently achieved a three-week high on April 8 after weeks of trading in the red as traders took profits after it hit a new all-time high at $73,794 in March. The recovery aligns with growing enthusiasm for spot Bitcoin ETFs and the prospect of interest rate cuts.

Analysts at Deutsche Bank anticipate that the upcoming Bitcoin halving, regulatory developments, expected rate cuts, and speculation about the SEC’s approval of spot Ethereum ETFs will continue to drive the market higher in the coming weeks.

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Author: Mike Dalton

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