Deutsche Bank Survey Predicts Bitcoin’s Fall Below $20,000; Many Believe It Could Disappear Entirely
Deutsche Bank also found that nearly 33% of customers foresaw Bitcoin sinking to USD $20K (or lower) by the end of 2024.
On the flipside, only 1% of respondents now thought of the crypto market and BTC as a fad, compared to 20% last year.
You wouldn’t exactly call banks an ally of Bitcoin…but in recent times, it appears institutions are trending that way following the approval of a spot BTC ETF. As several financial heavyweights enter the crypto scene, it appears the global view on Bitcoin is starting to soften. However, the same cannot be said for the customers of Deutsche Bank, who responded rather interestingly to a recent survey.
Related: Bitcoin Breaks $72,000 Milestone, First Since Mid-March: Analysts Cite Major Accumulations
Customers Split Down the Middle On Bitcoin’s Future
BTC to $20K or BTC to thrive? That was the dividing question asked of Deutsche Bank’s customers. According to the survey results, about 33% of respondents believed that the coin would sink nearly USD $50K (AUD $75K) from its current price to finish the year at or below $20K (AUD $30K). Such a drastic fall isn’t out of the question given BTC’s volatility, although it does seem a little dramatic.
On the same wavelength, approximately 38% of customers surveyed believed Bitcoin would eventually disappear, while less than 10% forecasted BTC being at an all-time high (over USD $75K) by the end of December. But the March survey was clearly polarising, with about the same number (40%) suggesting that BTC would “thrive” over the coming years.
Similarly, only approximately 1% of those surveyed thought of crypto as a “fad”, which seems at direct odds with over a third of customers predicting BTC’s total demise. This figure in particular shows an overall shift in sentiment, as the same question asked last year had 20% of surveyees agreeing that the crypto industry was just a fad. In fact, the 1% response is significantly less than reported during the market’s last major bull run in 2021 – suggesting that Bitcoin and friends are truly entrenched in the financial world’s psyche.
more than half of Americans now believe that crypto is an “important asset class and method of payment transactions” according to a nationwide survey of Americans by Deutsche Bank. @DNC @DNCWarRoom @ewarren @andrewrsorkin @JoeSquawk pic.twitter.com/jQ9WmAgxqI
— matthew sigel, recovering CFA (@matthew_sigel) April 9, 2024
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The post Deutsche Bank Survey Predicts Bitcoin’s Fall Below $20,000; Many Believe It Could Disappear Entirely appeared first on Crypto News Australia.
Filed under: Bitcoin - @ April 10, 2024 3:23 am