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Deutsche Bank Report: U.S. Consumers’ Positive Shift Towards Cryptocurrency

sevval12/09/20242 Mins read318

Deutsche Bank Report: U.s. Consumers' Positive Shift Towards Cryptocurrency

Deutsche Bank Report- Less Than 1% of Americans See Digital Assets as a Passing Trend

Deutsche Bank Report– According to a recent Deutsche Bank (DB) report, less than 1% of U.S. consumers now view cryptocurrency as a fleeting trend. This represents a dramatic decrease from prior years, reflecting a growing acceptance of digital assets.

Table of Contents

Growing Recognition of Crypto as an Asset Class

The survey, which covered over 3,600 consumers across the U.S., U.K., and Europe, reveals that just over half of the respondents consider crypto to be an important asset class and a viable method of payment. Additionally, 65% of those surveyed believe that cryptocurrency could potentially replace cash.

Future Trends and Drivers of Cryptocurrency Adoption

Analysts Marion Laboure and Sai Ravindran anticipate that cryptocurrency democratization will advance over the next 2-3 years. Key drivers include the expansion of exchange-traded funds (ETFs), Federal Reserve policies, and regulatory developments.

Mixed Outlook for Bitcoin and Stablecoins

Despite growing acceptance, Bitcoin (BTC) faces a somber short-term outlook. A third of consumers predict that Bitcoin’s price will fall below $60,000 by the end of the year, while only 12%-14% believe it will surpass $70,000. At the time of the report, Bitcoin was trading around $58,200.

Long-term perceptions about Bitcoin are varied: 40% of respondents are optimistic about its future, while 38% believe it may disappear. Stablecoins, essential to decentralized finance (DeFi), also face skepticism. Only 18% of respondents expect stablecoins to thrive, whereas 42% anticipate they will fade. Stablecoins backed by fiat currencies or traditional commodities are seen as more likely to retain value.

FAQs

How have U.S. consumers’ views on cryptocurrency changed recently?

According to a Deutsche Bank report, U.S. consumers are increasingly positive about cryptocurrency. Less than 1% now view it as a “fad,” a significant decrease from previous years. Over half of those surveyed consider crypto an important asset class and method of payment, with 65% believing it could replace cash.

What do consumers think about the future of Bitcoin (BTC)?

The outlook for Bitcoin is mixed. A third of consumers believe BTC will be below $60,000 by the end of the year, while only 12%-14% think it will exceed $70,000. Long-term, 40% of respondents are optimistic about Bitcoin’s future, whereas 38% think it may disappear.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.