Bitcoin’s Bullish Quarter Eases Retail Skepticism: Deutsche Bank

During the first quarter, there was an increase in optimism among individual investors towards cryptocurrencies based on a Deutsche Bank (DB) survey conducted in March.

In Q1 2024, there was an increase in consumers viewing cryptocurrencies favorably, as fewer than 1% believed they were just passing trends. (Source: April report)

Despite the survey results indicating that just 10% of retail investors anticipate Bitcoin’s price to surpass $75,000 by year-end, the cryptocurrency was currently trading approximately 2% lower, around $69,000.

Approximately one-third of those who participated in the survey predicted that the price of bitcoin would fall below $20,000 by the end of 2024. More than half of the respondents expressed concern about the possibility of another major cryptocurrency experiencing a significant collapse within the next two years.

Approximately forty percent of respondents predicted that bitcoin would prosper in the future, while nearly as many, thirty-eight percent, believed it could vanish.

According to the report, approximately three-quarters of American consumers view cryptocurrencies as commodities or alternative assets, while around two-thirds consider them a store of value. An impressive 65% believe that cryptocurrencies have the potential to replace cash. Moreover, over half of these consumers regard cryptocurrencies as an essential asset class and payment method.

Read more: Many Retail Investors See Bitcoin Price Dropping Below $20K by Year End: Deutsche Bank