According to a survey conducted by Deutsche Bank (DB) in March, retail investor sentiment towards cryptocurrencies has become increasingly positive in the first quarter of 2024. The report, published in April, revealed that less than 1% of consumers viewed cryptocurrencies as a temporary trend.
This shift in perception is hardly surprising given the strong rally in crypto markets during this period, largely driven by the approval of spot Bitcoin (BTC) ETFs in January.
Despite the positive sentiment, the survey showed that retail investors remain cautious about the future of Bitcoin. Only 10% of survey respondents expect the Bitcoin price to exceed $75,000 by the end of the year. At the time of publishing the survey, BTC was trading around $69,000, down over 2% in the last 24 hours.
The survey also revealed some concerns among investors. Just under a third of respondents expect the Bitcoin price to fall below $20,000 by the end of 2024. More than 50 of them expressed concerns about the potential collapse of another major cryptocurrency in the next two years.
However, 40% of respondents expect Bitcoin to thrive in the coming years, while 38% predict BTC will disappear.
The report also highlighted how consumers perceive cryptocurrencies. “78% of US consumers see cryptocurrencies as a type of commodity, 76% as an alternative asset, and 74% as a store of value. 65% think it can replace cash.” Additionally, 52% of respondents see cryptocurrencies as “an important asset class and payment method.”
*This is not investment advice.