Bitcoin ETFs Drive Retail Optimism: Deutsche Bank Survey Shows Crypto Confidence Surge

Key Takeaways

• Crypto FOMO in US: Deutsche Bank survey shows US retail investors are more bullish on crypto.
• Survey reveals investors are cautiously optimistic on Bitcoin’s future.
• US consumers see crypto as a multifaceted asset class, suggesting growing acceptance in the financial landscape.

A recent survey  conducted by Deutsche Bank in March has revealed an uptick in retail investor sentiment towards cryptocurrencies in the first quarter of 2024.

According to the findings, skepticism that cryptocurrencies are merely a passing trend has significantly dwindled, with the report from April highlighting that “less than 1% think they are a fad.”

Retail Confidence in Cryptocurrency Grows in Q1 2024

This shift in perspective  aligns with the robust performance of the crypto markets during this period, particularly after the approval of spot Bitcoin ETFs in January.

Despite the positive sentiment, the survey indicates a cautious outlook among retail investors regarding Bitcoin’s price trajectory for the end of 2024. Only a small fraction, about 10%, believe that Bitcoin could climb above the $75,000 mark.

At the time of the survey’s publication, Bitcoin’s price had seen a slight decrease of over 2%, trading at around $69,000. Furthermore, a significant portion of the respondents expressed concerns over potential market volatility, with over half fearing the collapse of another major cryptocurrency within the next two years.

US Survey Reveals Divided Opinions on Future of Top Cryptocurrency

Interestingly, the survey revealed  diverse expectations for Bitcoin’s future. While 40% of participants anticipate Bitcoin will flourish in the coming years, a nearly equal number (38%) speculate that the digital currency might vanish.

The perception of cryptocurrencies among U.S. consumers is multifaceted: 78% view them as commodities, 76% as alternative assets, and 74% as a store of value, with 65% considering them as potential replacements for cash.

Additionally, over half of the respondents (52%) acknowledge cryptocurrencies as an “important asset class and method of payment,” suggesting a growing acceptance of digital currencies as a legitimate component of the financial landscape.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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