Bitcoin’s Uncertain Future According to Deutsche Bank Survey.
The world’s largest cryptocurrency has experienced a downturn following the launch of spot exchange-traded funds (ETFs) in the United States. A recent survey conducted by the German financial institution Deutsche Bank (DB) suggests that the future of Bitcoin could be even more precarious. The survey, which included 2,000 consumers from the U.S., U.K., and Europe, was conducted after the approval of spot bitcoin ETFs.
A significant portion of the respondents, over one-third, believe that the price of Bitcoin will fall below $20,000 by the end of the year. Interestingly, more survey participants expect Bitcoin to disappear rather than continue to exist eventually. The findings show that 39% of those surveyed think Bitcoin will persist in the coming years, while 42% foresee its disappearance.
The introduction of spot bitcoin ETFs in the U.S. was initially viewed as a significant turning point for the cryptocurrency industry. These ETFs allow investors to gain exposure to Bitcoin without owning it directly, making it easier and more accessible for mainstream investors. However, the survey indicates that the crypto winter might not be over yet. More than half of the respondents expressed concerns about the potential collapse of a significant cryptocurrency within the next two years.
Deutsche Bank notes that past events likely influence this negative sentiment towards cryptocurrencies. These include the fall of the crypto exchange FTX in 2022 and the digital currency terraUSD (UST) collapse. The ongoing regulatory crackdown in the U.S. also seems to contribute to the pessimistic outlook.
The survey results also shed light on consumers’ general lack of understanding about digital assets. According to the report, about two-thirds of the respondents do not understand cryptocurrencies. This lack of knowledge could factor in their cautious or opposing views on the future of digital assets like Bitcoin.
