Deutsche Bank Survey: Over Half Expect Crypto to Become 'Important' Asset Class and Payment Method

A new Deutsche Bank survey found that over half of respondents expect cryptocurrencies to become an important asset class and a method of payment. In addition, 10% of respondents expect the price of bitcoin to be above $75,000 by year-end.

Deutsche Banks Crypto Survey

A recent Deutsche Bank survey of over 3,600 consumers, published this week, indicates a decline in consumer skepticism toward bitcoin.

According to the survey, which was conducted in March, more than half (52%) of the respondents believe that cryptocurrencies will become an “important asset class and method of payment transactions” in the future, compared to less than 40% in the September 2023 survey.

The survey also found that 40% of respondents are confident about bitcoin thriving over the next few years while 38% expect it to disappear. Additionally, less than 1% consider crypto “just a fad that will eventually fade.”

The number of U.S. respondents in the Deutsche Bank survey who expect bitcoin to fall below $20,000 by year-end is decreasing. Currently, one-third hold this view, down from 36% in January and 35% in February. Moreover, 10% of respondents expect bitcoin to be above $75,000 by year-end.

Deutsche Banks analysts cite several factors they believe will support the price of bitcoin, including the upcoming bitcoin halving, regulation, central bank rate cuts, and expectations that the U.S. Securities and Exchange Commission (SEC) will approve spot ethereum exchange-traded funds (ETFs).

Many people expect the bitcoin halving and the rising demand for spot bitcoin ETFs to drive the price of bitcoin substantially higher. Crypto exchange Coinbase anticipates that bitcoin dips will be “more aggressively bought” in this cycle than the previous ones. Skybridge Capital founder Anthony Scaramucci states bitcoin halving is not priced in and BTC has a lot more upside. LMAX‘s CEO expects bitcoin to trade in six digits in the future. Meanwhile, Bitwise sees a “raging” bitcoin bull market in the long run, noting that the upcoming April halving will be “the most successful we’ve seen.”