Key Takeaways
- Deutsche Bank analysts predict that cryptocurrency adoption will increase over the next 2-3 years due to factors like ETFs, regulation, and Federal Reserve policies.
- The survey shows a significant shift in consumer attitudes, with only 1% considering cryptocurrency a passing trend compared to previous years, indicating growing acceptance.
- Though 65% of respondents believe crypto could replace cash, opinions about Bitcoin's future price predictions remain divided, reflecting uncertainty in the market.
Growing Acceptance of Cryptocurrency Among U.S., U.K. and European Consumers
Analysts at Deutsche Bank expect cryptocurrency adoption to grow in the next 2-3 years, driven by ETFs, regulation, and Fed policy.
A recent Deutsche Bank survey, conducted across the U.S., U.K., and Europe, found that over half of respondents consider cryptocurrency an important asset class.
The report revealed that 65% of participants believe cryptocurrency could potentially replace cash in the future and that fewer than 1% of U.S. consumers view cryptocurrency as a mere “fad.”
Mixed Sentiments on Bitcoin's Future Value
Despite optimism around crypto, opinions on Bitcoin's price remain divided among consumers.
A third of respondents anticipate Bitcoin's price will remain below $60,000 by year-end, while only 12% to 14% expect it to exceed $70,000.
At the time the report was released, Bitcoin was valued around $58,200. Long-term predictions for Bitcoin are similarly split, with 40% believing it will thrive and 38% expecting it to fade away.
Uncertain Outlook for Stablecoins
The future of stablecoins also appears uncertain, with only 18% of survey respondents believing they will thrive.
42% of those surveyed predict that stablecoins will lose relevance over time. Stablecoins backed by fiat currencies or traditional commodities like gold are considered more likely to maintain their value.
Despite concerns over various cryptocurrencies, the report indicates a steady trend of crypto adoption.
