Deutsche Bank (DB) said on Wednesday that fewer than 1% of U.S. customers term crypto a "fad," a remarkable reduction from prior years.

Just over half of respondents saw crypto as a major asset class and payment mechanism, and 65% saw it replacing currency. In March and July, the bank polled 3,600 U.S., U.K., and European customers.

Analysts Marion Laboure and Sai Ravindran stated, "We expect cryptocurrency democratisation to advance further over the next 2-3 years driven by ETFs, Federal Reserve policy, and regulation."

Bitcoin (BTC), the world's biggest cryptocurrency, has a grim forecast for the remainder of the year, while stablecoins, the backbone of decentralized finance (DeFi), have an unclear future.

Only 12%-14% of customers predicted BTC would reach $70,000 by year-end, while a third thought it would be below $60,000. Bitcoin traded about $58,200 at publishing. The longer term outlook was mixed: 40% anticipated BTC to prosper, while 38% expected it to perish.

The future of stablecoins, a cryptocurrency with a consistent value, was likewise uncertain. Only 18% predicted stablecoins to survive, while 42% expected them to fail. According to the poll, fiat currencies like the dollar and traditional commodities like gold were most likely to retain value.

Over 50% of customers worried about a cryptocurrency crash in two years.

The '2024 Global State of Crypto' study, released earlier this week by crypto platform Gemini, shows that the retail industry is set for a resurgence after years of steady crypto growth in the U.S. and U.K.

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