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U.S. Consumers Say Crypto Is Here to Stay, Stablecoins Maybe Not: Deutsche Bank
Sentiment is somewhat bearish about the near-term outlook for bitcoin, the bank's consumer survey showed.
Updated Sep 12, 2024, 5:02 p.m. Published Sep 12, 2024, 10:31 a.m.
- Fewer than 1% of U.S. consumers called crypto a fad, according to a Deutsche Bank survey.
- Only 18% of respondents said they expected stablecoins to thrive; 42% expected them to fade.
- Sentiment about bitcoin's outlook was not so positive, the survey said.
U.S. consumers are warming up to crypto, with less than 1% calling it a "fad," a dramatic decline from previous years, Deutsche Bank (DB) said in a report on Wednesday.
Just over half of the people surveyed viewed crypto as an important asset class and method of payment, and 65% said they could see it replacing cash. The bank surveyed over 3,600 consumers in the U.S., U.K. and Europe in March and July.
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"We expect cryptocurrency democratisation to advance further over the next 2-3 years driven by exchange-traded funds (ETFs), Federal Reserve policy, and regulation," analysts Marion Laboure and Sai Ravindran wrote.
It's not all good news, with bitcoin , the world's largest cryptocurrency, garnering a gloomy outlook for the rest of the year and stablecoins, the backbone of decentralized finance (DeFi), facing an uncertain future in respondents' eyes.
A third of consumers said they thought the BTC price would be below $60,000 by year-end, and only 12%-14% thought it would cross $70,000. Bitcoin was trading around $58,200 at publication time. For the longer term, perceptions were mixed: 40% of respondents said they thought BTC would thrive in the coming years, while 38% said they expected it to disappear.
The outlook for stablecoins, a type of cryptocurrency that's designed to hold a steady value, was also viewed with circumspection. Just 18% of those surveyed said they expected stablecoins to thrive, whereas 42% expected them to fade. Those backed by a fiat currency such as the dollar or a traditional commodity like gold were most likely to keep their value, the survey said.
More than 50% of consumers said they were concerned about a cryptocurrency collapsing in the next two years.
Crypto adoption has remained steady in the U.S. and the U.K. in recent years, and the retail market now looks ready for a rebound, according to crypto platform Gemini's '2024 Global State of Crypto' report, published earlier this week.
Read more: Crypto Retail Market Is Poised for a Rebound: Gemini
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