A U.S. consumer survey by investing powerhouse Deutsche Bank provides “bullish” insights into the crypto market.
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As an unlikely but welcomed source of hope during crypto market jitters, Deutsche Bank’s report, the “Future of Cryptocurrencies,” sheds light on potentially bullish cryptocurrency activity.
A survey critical to the report suggests that neither traders nor investors are likely to part with their crypto holdings in the event of a bear market.
Marion Laboure, a director of macro strategy at Deutsche Bank, told Cointelegraph:
“It is interesting to note the deep bullishness for cryptocurrencies. Even in an extremely bearish crypto market in which values were to drop 80%, less than half of investors say they would reduce their investments or exit the market.”
DB surveyed 3,250 United States consumers in early December 2021, 680 of whom use cryptocurrency. The survey was intended to be representative of the U.S. census, covering different genders, ages, incomes, regions and races or ethnicities.
The report splits the findings into three groups: traders, investors and transactors. The lion’s share were investors: 80% of those surveyed admitted having invested in crypto in the past six months.
Even in an extremely bearish crypto market, less than half of traders (who comprise over 35% of those surveyed) said they would reduce their trading. Plus, over 70% plan to increase (either significantly or slightly) their crypto activity in the next six months.
Bear in mind that Deutsche Bank conducted the report in December, and while months can feel like years in the crypto industry, the report surmised that “very few crypto bears are active in the space.”
Laboure has spoken in favor of cryptocurrencies, explaining that while volatility is a given, it “could become the 21st-century digital gold.” Her employer agrees. Deutsche Bank stated in March last year that Bitcoin (BTC) is “too important to ignore.”
Related: Credit Suisse data leak reveals decades of shady clients and activity
Finally, in a sign that perhaps the get-rich-quick sentiment is subsiding, the survey also revealed that “only a small percentage of investors believe that crypto is a golden ticket.”
However, it’s possible that traders had instead simply shifted over to nonfungible tokens, where speculation and euphoria reigned in 2021.
Source: Cointelegraph
