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LONDON, April 8 - Consumers are becoming slightly less sceptical about bitcoin, a Deutsche Bank survey published on Monday showed, although just under a third of those questioned still expect its price to drop sharply by the end of 2024.Although people have poured billions of dollars into bitcoin, hoping for returns if its price rises, top regulators have said it has no inherent value and presents risks.
A third of U.S. respondents expect bitcoin to drop below $20,000 by the end of 2024. This group is getting slightly smaller. It was 35% in February and 36% in January. The number of people who think cryptocurrencies are"just a fad that will eventually fade" dropped to less than 1%.Bitcoin hit a three-week high on Monday. It reached an all-time high of $73,794 in March, recovering from a dramatic plunge in 2022.Some analysts see bitcoin's recent recovery above $70,000 as a sign that investors are shrugging off the warnings.
Deutsche Bank analysts said expect bitcoin's price to be supported by the upcoming"bitcoin halving", as well as by regulation, central bank rate cuts, and expectations that the SEC will approve spot ethereum ETFs.The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
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