Bitcoin's Bleak Future: Survey Reveals Retail Investors' Dim Outlook and ETF Concern

According to a recent Deutsche Bank survey, many retail investors expect Bitcoin's value to drop below the $20,000 mark by the end of 2021. This survey was administered to 2,000 consumers across the United States, United Kingdom, and Europe following the recent approval of spot exchange-traded funds (ETFs) in the United States.

The survey revealed that over one-third of the respondents anticipate a decline in the value of Bitcoin below $20,000 by the end of this year. Moreover, more participants expect the cryptocurrency to disappear rather than persist, with 42% believing that it will disappear compared to 39% who think it will endure in the coming years.

While the approval of Bitcoin ETFs in the United States is expected to encourage mainstream adoption, the survey results indicate that more than half of the respondents are concerned about a potential cryptocurrency collapse within the next two years. The survey report attributes this pessimism to past events such as the collapse of TerraUSD (UST) and the demise of the FTX crypto exchange in 2022. Also, the ongoing regulatory crackdown in the United States is viewed as a significant overhang.

According to the report, the survey also revealed a lack of knowledge and understanding of cryptocurrencies, with two-thirds of the respondents having little or no understanding of digital assets.