After the listing of spot ETFs, Bitcoin has been in a "continuous decline" trend, falling below $39000 on Tuesday, falling more than 20% from the high set earlier this month. However, the price of Bitcoin has now returned to above $39000.
However, even after experiencing such a significant decline, according to a survey report by Deutsche Bank, many retail investors still believe that Bitcoin will further decline by the end of this year. The report states that the majority of ETF funds come from retail investors.
The report shows that over one-third of respondents believe that Bitcoin will fall below $20000 by January next year. Only about 15% of people say they expect Bitcoin to rise to between $40000 and $75000 by the end of this year.
On the 12th of this month, the US Securities and Exchange Commission (SEC) approved the first batch of spot Bitcoin ETFs, pushing the price of Bitcoin to $49000, the highest level since March 2022. However, since then, the price of Bitcoin has fallen by more than 20% and is currently hovering around $39000.
Deutsche Bank analysts Marion Labour and Cassidy Ainsworth Race said that the new spot Bitcoin ETF is expected to expand the institutionalization of this digital asset.
The survey was conducted from January 15th to January 19th, asking 2000 people in the United States, United Kingdom, and Eurozone for their views on the price and volatility of the Bitcoin.
On the other hand, most Wall Street professionals are not optimistic about this world's largest cryptocurrency. For example, Jamie Damon, the CEO of JPMorgan Chase, widely recognized as the "big brother on Wall Street," recently reiterated his criticism of Bitcoin, stating that owning the cryptocurrency is like owning a "pet stone.".
Damon said he believes there are two types of cryptocurrencies: one may actually "do something" and trade as a means of storing value, while the other cannot do anything. Damon said that Bitcoin belongs to the second category.
David Rosenberg, a top American economist and CEO of Rosenberg Research, warns that Bitcoin and other cryptocurrencies are highly volatile and difficult to value, making buying them more like gambling rather than investing.
He pointed out, "Buying Bitcoin is like buying a lottery ticket."