65% Of U.S. Consumers Think Crypto Could Replace Cash In The Future, Deutsche Bank Report Finds

A new report reveals that U.S. consumers are becoming more receptive to cryptocurrency, with fewer than 1% now dismissing it as a “fad,” a significant drop from previous years.

What Happened: The Deutsche Bank report, released on Wednesday, surveyed over 3,600 people across the U.S., U.K. and Europe between March and July, highlighting a shift in attitudes towards digital assets, Coindesk reported.

The findings show that just over half of the respondents view cryptocurrency as an important asset class and a viable payment method.

Moreover, 65% believe crypto could potentially replace cash in the future.

Analysts Marion Laboure and Sai Ravindran from Deutsche Bank said, "We expect cryptocurrency democratisation to advance further over the next 2-3 years driven by exchange-traded funds (ETFs), Federal Reserve policy and regulation."

However, despite the optimism surrounding crypto's broader adoption, the outlook for Bitcoin BTC/USD, the world's largest cryptocurrency, remains mixed.

A third of the respondents predicted Bitcoin’s price would remain below $60,000 by the end of the year, with only 12%-14% expecting it to surpass $70,000.

At the time of the report, Bitcoin was trading around $58,200.

Long-term predictions were equally divided, with 40% believing Bitcoin will thrive in the coming years, while 38% expect it to disappear altogether.

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Stablecoins, designed to maintain a stable value, also face an uncertain future, according to the report.

Only 18% of those surveyed believe stablecoins will thrive, while 42% predict they will fade.

Stablecoins backed by fiat currencies or traditional commodities like gold were viewed as more likely to hold their value.

Despite the concerns, the report signals a steady level of crypto adoption in the U.S. and U.K., suggesting that the retail market may be poised for a rebound.

This aligns with findings from Gemini’s ‘2024 Global State of Crypto’ report, which indicated that the crypto market is gearing up for growth.

What’s Next: As the cryptocurrency landscape evolves, these trends will be central to discussions at Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will delve into the future of digital assets and the role of regulation in driving adoption.

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