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Bitcoin and crypto are no longer considered a passing “fad” among consumers: the majority now consider them an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank investigation.
The survey collected responses from 3,600 people and revealed a slow but noticeable shift in consumer attitudes toward bitcoin and cryptocurrencies, balancing cautious skepticism with cautiously optimistic outlooks about their future in the financial market.
“Important asset class”
According to the survey, 52% of respondents believe cryptocurrencies will become a “significant asset class and payment method” in March, compared to less than 40% of respondents in September 2023.
Meanwhile, detractors have fallen to record lows, and only 1% of respondents still believe Bitcoin will “eventually disappear” – down from 20% last year.
On the other hand, respondents who think crypto will become the “dominant payment method” fell to 5%, down from 20% the year before.
Central bank digital currencies (CBDCs) were also part of the survey, with 15% of respondents saying they would become mainstream, while cryptocurrencies would maintain a minor role in the financial system.
Additionally, about 25% of respondents believe crypto is “here to stay, but will never go mainstream.”
Pricing expectations
Despite growing positivity towards Bitcoin, a significant minority expect Bitcoin prices to decline by the end of the year.
About 30% of respondents believe the price of Bitcoin will fall below $20,000 by the end of the year, up 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 exceed $75,000.
Bitcoin recently hit a three-week high on April 8 after weeks of trading in the red as traders took profits after hitting a new all-time high at $73,794 in March. The rally aligns with growing enthusiasm for spot Bitcoin ETFs and the prospect of interest rate cuts.
Deutsche Bank analysts predict that the upcoming Bitcoin halving, regulatory developments, expected rate cuts and speculation over SEC approval of Ethereum spot ETFs will continue to drive the market higher in the coming weeks .
The post Only 1% of Consumers Still Think Bitcoin is a Passing “Fashion” appeared first on CryptoSlate.
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