Only 1% of Consumers still think Bitcoin is a passing 'fad'

Bitcoin and crypto are no longer seen as a fleeting “fad” among consumers — the majority now consider them an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank survey.

The survey gathered responses from 3,600 individuals and revealed a slow yet noticeable shift in consumer attitudes towards bitcoin and cryptocurrencies, balancing cautious skepticism with a cautiously optimistic outlook for their future in the financial market.

‘Important asset class’

According to the survey, 52% of respondents believe crypto will become an “important asset class and method of payment” in March, compared to less than 40% of respondents in September 2023.

Meanwhile, detractors have fallen to record lows, and only 1% of the respondents still hold the belief that Bitcoin “will eventually fade away” — versus 20% last year.

On the other hand, respondents who believe crypto will become the “dominant payment method” fell to 5% from 20% in the previous year.

Central bank digital currencies (CBDCs) were also part of the survey, with 15% of respondents saying they would become mainstream, while crypto would maintain a minor role in the financial system.

Price expectations

Despite growing positivity toward Bitcoin, a significant minority expect lower Bitcoin prices by the end of the year.

Roughly 30% of respondents believe Bitcoin’s price will fall below $20,000 by year-end — down from 35% in February and 36% in January.

Meanwhile, 25% believe the flagship crypto will be valued between $20,000 and $75,000 by the end of the year, and only 10% believe Bitcoin’s price will surpass $75,000.

Bitcoin recently achieved a three-week high on April 8 after weeks of trading in the red as traders took profits after it hit a new all-time high at $73,794 in March. The recovery aligns with growing enthusiasm for spot Bitcoin ETFs and the prospect of interest rate cuts.

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