Deutsche Bank Releases Survey Results on Bitcoin

Deutsche Bank, one of the big names in German multinational investment banking, has just published the results of a survey, shedding light on the transformation in consumer thinking about cryptocurrencies. According to a report from Reuters, this bank, headquartered in Frankfurt, conducted a survey of more than 3,600 consumers in the US.

The results of the survey revealed increased adoption of cryptocurrencies, with more than half of participants (about 52%) seeing them as an “important asset and payment method” in the future hybrid, up 12% compared to September 2023.

However, the survey also reflected wariness on the part of participants, with 30% predicting Bitcoin’s price to fall below $20,000 by the end of 2024, although this group did see a slight decrease since January.

Another point worth noting is that the belief that cryptocurrencies are just a temporary trend is decreasing. According to the report, less than 1% of participants currently hold this view, indicating further acceptance of cryptocurrencies as a long-term financial instrument. However, only 10% of participants expect that Bitcoin will surpass $75,000 by the end of the year.

As Bitcoin prepares for its fourth halving event, where rewards for miners are halved, speculation about the potential impact on price has been raised.

History shows that Bitcoin has experienced a series of price declines in the first 90 days following a reward reduction event. However, some analysts say the situation could be different now, with new capital flows through Bitcoin-traded ETFs seen as a potential game-changer in the market.