Cryptocurrencies have already gained the trust of more than half of financial asset users.
According to a recent study by Germany's Deutsche Bank, an increasing number of people are beginning to trust cryptocurrencies as a financial instrument. In 2024, their share surpassed 52%, marking a majority and finally outnumbering skeptics.
Consumers of financial products worldwide have recently become less skeptical about cryptocurrencies as an asset class. This trend was highlighted in a survey conducted by Germany's Deutsche Bank.
According to the bank's market research, 52% of respondents now view Bitcoin as an important asset class and a future payment method. However, about one-third of those surveyed still anticipate a decline in BTC's value by the end of 2024, despite the cryptocurrency's record growth in recent months, Reuters reports. This figure has decreased from 40% in September 2023.
Investment volumes in digital cryptocurrencies are currently measured in billions of dollars, reflecting their market capitalization and exchange derivatives, and continue to grow. Nevertheless, many leading financial regulators frequently cite their risky nature and lack of intrinsic value. However, only 1% of respondents consider cryptocurrencies a temporary phenomenon or an extravagant invention that will eventually fade away.
Notably, in the past six months, several prominent financial market experts have declared Bitcoin to be an increasingly significant hedging tool, confidently competing with gold in this role. This represents a new level of value for Bitcoin as an asset and a tool for numerous participants in the financial industry.
The study was conducted during a period of record-breaking Bitcoin prices, which surpassed $74,000 in March 2024. After a steep price decline in 2022, Bitcoin has regained high market valuations and positive growth prospects. Renewed interest in cryptocurrencies has been fueled by expectations of central bank interest rate cuts, which could lead to inflation, and optimistic forecasts for spot Bitcoin ETF listings.
As with any market-traded asset, Bitcoin's price fluctuates. In early March this year, it reached $69,202, surpassing the previous record of $68,999 set in November 2021. Although it experienced a slight dip afterward, it soon rallied again, and many experts predict Bitcoin could reach a record-breaking $100,000 by the end of 2024.