- A Deutsche Bank survey consisting of 3,600 respondents says 52% believe Bitcoin (BTC) and cryptocurrencies are the future of finance.
- A significant portion does not think the premier digital asset will go over $75,000 by year-end.
The Source of Optimism in Bitcoin and Other Cryptocurrencies
Cryptocurrency adoption continues to gain traction as a new wave of institutional investors are now jumping onto the bandwagon. One of the major factors influencing this trend is the unprecedented success of spot Bitcoin exchange-traded funds (ETFs) in the US.
Since their approval and subsequent launch on January 11, 2024, the issuers of these new financial instruments have already raked in 842,897 BTC as of yesterday’s report, which should be worth over $58.12 billion in today’s rates at around $69,000 per BTC. This notably makes up over 4% of Bitcoin’s 21 million supply limit.
Combined with the upcoming halving that’s set to trigger an all-new height of scarcity for the world’s leading crypto asset by market cap, it would be interesting to know how ordinary consumers are well aware of its worth and potential to shape the future of finance. With that, Deutsche Bank recently conducted a survey to determine the adoption and awareness of people in Bitcoin and other cryptocurrencies.
Over Half Consider BTC as an Important Asset
Out of the 3,600 participants in the survey, 52% said Bitcoin and cryptos are an important asset class. They believe these will eventually dominate transactions in the future.
According to the study, the numbers are a major leap from last year’s results, which showed that below 40% of the participants saw value in these digital assets. Despite the significant developments in people’s outlook toward Bitcoin this year, only 10% believe it could pass the $75,000 mark by the end of 2024. Some bearish sentiments expect the digital currency to tank to $20,000 by year-end.
It should be noted though that Bitcoin started below $20,000 last year and it only reclaimed the $40,000 territory by December as anticipation for the approval of spot Bitcoin ETFs in the US heated up. This could have heavily affected the lower turnaround of Bitcoin believers. In that case, the 40% approval last year could be seen as a virtually favorable score.
By the first quarter of 2024, the approval of spot Bitcoin ETFs built momentum for BTC up to its climb to a series of new all-time highs, peaking at $73,750.07 on March 14. Finance experts are bullish on the prospect of Bitcoin’s rise to over $100,000 by the end of the year and even $200,000 by 2025.
Interestingly, 1% of those surveyed still consider cryptocurrencies as nothing but a fad that will lose their shine in the long run.