Levels of consumer trust in crypto increasing

Consumer trust in cryptocurrencies, notably Bitcoin, sees an uptick according to a recent Deutsche Bank survey, signaling evolving sentiments amid lingering concerns over price volatility.

A new Deutsche Bank survey revealed that consumer skepticism about Bitcoin has fallen slightly, although less than a third of survey respondents still expect a sharp price drop by the end of 2024.

The survey, published on April 8, polled over 3,600 consumers. Slightly more than half (52%) agree that cryptocurrencies as a whole will be an “important asset class and method of payment transactions” in the future.

A similar survey was conducted by Deutsche Bank in September 2023, which showed less than 40% confidence.

The amount of respondents who consider crypto to just be a “fad that will eventually fade” has now dropped to less than 1%, according to the survey.

The survey also looked at the price of Bitcoin
BTC

tickers down
$69,147

in light of the upcoming halving. Deutsche Bank analysts said they expect the price to be supported by regulation, central bank rate cuts and anticipation of a spot Ethereum exchange-traded fund (ETF) approval from the United States Securities and Exchange Commission (SEC).

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A third of the survey participants said they expect Bitcoin to dip below the $20,000 price point by the end of 2024. This figure compares to 35% in February and 36% in January.

However, only 10% expect Bitcoin to surpass $75,000 by year-end.

This survey comes after much activity surrounding Bitcoin since the beginning of 2024. In January, the SEC approved the first U.S.-based spot Bitcoin ETFs, which pulled in a record $1 billion daily net inflow on March 12.

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In mid-March, the cryptocurrency hit a new $73,794 all-time high and is anticipated to spike even further, with some estimates as high as a 160% increase after the halving, which means it could hit the $150,000 mark, according to some analysts.

The halving is anticipated to occur in mid-April, with many predictions settling on April 20. This event is causing some analysts to take a bullish stance on the cryptocurrency for the year ahead, citing the heightened overall demand and other macroeconomic factors driving the price.