Deutsche Bank Crypto Survey: Is Bitcoin a Fad or Will Adoption Continue?

Crypto News – Customers no longer view bitcoin and other cryptocurrencies as a passing “fad”; instead, most now perceive them as essential components of the financial system, according to a Deutsche Bank survey cited by Reuters on April 8.

Deutsche Bank Crypto Survey: Is Bitcoin a Fad or Will Adoption Continue?

3,600 people completed the poll and provided answers. The findings indicated a gradual yet discernible change in consumer perceptions of Bitcoin and other cryptocurrencies, exhibiting a balance between cautious skepticism and a cautiously hopeful stance regarding their potential in the financial industry.

As per the study, 52% of participants think cryptocurrency will become a significant asset class and a payment mechanism in March. This is in contrast to September 2023, when fewer than 40% participated.

Some Participants Think Cryptocurrencies Will Never Go Mainstream

Conversely, critics have reached all-time lows, with just 1% of respondents still thinking that Bitcoin “will eventually fade away” compared to 20% last year. However, from 20% of respondents last year, just 5% now think that cryptocurrency will overtake traditional payment methods as the “dominant” technique.

In addition, 15% of respondents said that while cryptocurrencies will continue to play a limited role in the financial system, central bank digital currencies (CBDCs) will become widespread. About 25% of respondents also think that cryptocurrency is “here to stay, but will never become mainstream.”