Crypto adoption continues to grow globally with more consumers and traditional finance investors leaning toward Bitcoin. A new Deutsche Bank survey shows users becoming less skeptical of Bitcoin (BTC) and other crypto assets.
This comes amid growing reports of increased crypto adoption and awareness in many jurisdictions. Deutsche Bank surveyed 3,600 consumers with over 50% projecting the importance of the asset.
52% of Consumers Back Bitcoin
According to the report, 52% of participants viewed Bitcoin and cryptocurrencies as an important asset class and a method of transaction in the future. This is a huge improvement from previous numbers and shows wider growth and acceptance in the cryptocurrency market.
In 2023, less than 40% of participants saw optimism of the asset class. Despite this rise in general acceptance, only 10% of respondents project the price of Bitcoin to soar above $75,000 by the end of the year. About a third of consumers expect the price to drop below $20,000 by the end of the year.
In previous months, respondents with these bearish projections stood at 35% and 36% in January and February respectively. This figure remains shocking because of the recent institutional inflow in the market sparked by the anticipation and subsequent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
Analysts Negate Deutsche Bank’s Participants
This year, Bitcoin price soared above $72,000 and hit an all-time high following renewed institutional appetite in the market. Most analysts feel the price will not go lower as expected by a third of participants. This is because of surging inflows in the space and the halving event which is predicted to usher in another run.
The wider acceptance of Bitcoin and other crypto assets as seen in Deutsche Bank’s survey comes as investors view the ETF as a form of acceptance and regulation in the industry.
Meanwhile, only 1% of respondents view crypto as a fad to fade away with time.
Also Read: Can Solana (SOL) Shine Again? Expert Shares Epic Prediction
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Data indicates that public trust in Dogecoin DOGE/USD has continued to decline over the last few months — but that hasn’t stopped U.S. consumers from buying.
What Happened: According to a study from business intelligence firm Morning Consult, trust in cryptocurrency among the general U.S. public is “net negative.” This means that among those aware of cryptocurrency, more people do not trust it than those that are.
The study finds that people now trust DOGE less than they did in January. The meme-based cryptocurrency saw an 8% decline in trust which fell to minus 44 percentage points in April.
Trust in Bitcoin BTC/USD dropped 6% to minus 32 percentage points. Meanwhile, Ethereum ETH/USD lost the most amount of public trust, falling 14% to a net trust reading of minus 26 this month.
Despite the trend of declining trust, consumers haven’t been dissuaded from investing in the cryptocurrency, the study finds.
A quarter of adults surveyed still plan to purchase cryptocurrency next month. This figure is only down 2% since January.
“Among these likely purchasers, only 21% say they trust cryptocurrency “a lot” while 57% trust it “some,” wrote Morning Consult analyst Charlotte Principato.
“The remaining 21% admit they don’t trust cryptocurrency but plan to buy it anyway.”
See Also: HOW TO BUY DOGECOIN (DOGE)
Price Action: According to data from Benzinga Pro, DOGE was trading at $0.13, up 5.46% over 24 hours.
Verifone (NYSE: PAY), one of the world’s leading payment solution providers, has announced “the extension of BitPay’s blockchain payment technology to enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the United States.”
This American multinational corporation, which was founded in 1981 and is headquartered in Coral Springs, Florida, offers merchants payment solutions across all sales channels: in-store, web, and mobile.
In a press release issued on September 28, Verifone stated that its new “crypto payments” solution, which is the result of a partnership with BitPay, the world’s leading crypto payment processor, was launched on that day. This solution allows merchants to “broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets.” Verifone expects it to be “easy for merchants to implement and intuitive for consumers.”
Verifone tells merchants that its crypto payments solution offers three main benefits:
- It brings in new customers since it allows merchants to accept crypto “as smoothly as other Advanced Payment Methods without requiring shoppers to move money or download a new app.”
- It works both on the web and in-store. This means crypto is accepted from the consumers’ native crypto wallets on the Verifone payment device or on the web via Verifone’s eCommerce solutions.
- It removes “the risk and volatility of crypto is removed” and settlement is “delivered promptly in local currency.”
Here is how this will work:
“At checkout, consumers will select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their crypto wallet to complete the transaction. Once the crypto funds have been verified, the merchant will receive an approval message on the in-store terminal. Funds will be settled promptly into the merchant’s bank account in traditional currency (e.g. USD) via Verifone.“
All major crypto wallets, such as Blockchain.com, BRD, and Metamask are supported. As for the cryptocurrencies with which consumers will be able to make payments, currently the set of supported cryptoassets is comprised of Bitcoin ($BTC), Ethereum ($ETH), Dogecoin ($DOGE), Bitcoin Cash ($BCH), Wrapped Bitcoin ($WBTC), Litecoin ($LTC), and five USD-pegged stablecoins ($GUSD, $USDC, $PAX, $DAI, and $BUSD).
Stephen Pair, co-founder and CEO of BitPay, had this to say:
“Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market. This partnership allows these businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.“
And Jeremy Belostock, head of Advanced Payment Methods (APMs) at Verifone, stated:
“Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year. Together we have solved all the potential challenges for merchants: there’s no translation risk, low implementation costs, and consumers will find the payment experience very seamless.“
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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Elon Musk, the well-known Tesla and SpaceX chief, said he thinks dogecoin fees should be reduced to make cheaper purchases for things like movie tickets.
His announcement caused a stir on Twitter.
Musk is a big fan of dogecoin and has become its most popular advocate, with his tweets having influenced its volatility in the past. The coin was created as a joke “meme coin.”
The news comes after AMC recently said it was planning to allow other cryptocurrencies such as bitcoin and ethereum to be used to buy tickets and other things at its theaters. CEO Adam Aron then made a poll pondering whether he should include dogecoin in the list, which ended up seeing users vote in favor 0f it.
In response to all of it, including Robinhood rolling out wallets recently, too, Dogecoin co-creator Shibetoshi Nakamoto said it was a welcome development.
“[T]he crypto market finally seeing some green. I gotta say…” he tweeted.
“Super important for Doge fees to drop to make things like buying movie tix viable,” Musk replied.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
After Musk’s announcement, Aron said the theater chain would be working to figure out how to accept dogecoin.
“I never thought I would see this day. @ElonMusk liked my Dogecoin Twitter Poll tweet. If you happen to see this tweet too Mr. Musk, congratulations on Tesla and SpaceX. I have strived to be an innovator my entire career, but you sir are the epitome of innovation above all others,” he tweeted, also including the poll results.
The frenzy started after AMC initially announced it would be accepting the cryptocurrencies and then making the poll – which received an overwhelming 68 percent of votes in favor of accepting dogecoin.
The other votes included 16% saying no, 9% saying yes, but they would not use it, and 7% thought the issue wasn’t important.
Read more: AMC May Accept Dogecoin for Theater Payments After Twitter Poll
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