Majority of People Predict The Drop or Collapse of Bitcoin in Six Months

A recent research suggests that a majority of people think that the value of Bitcoin will drop or collapse in the next six months, public confidence in the cryptocurrency is quickly slipping away.

Around 61 percent of the people who were surveyed by D-CYFOR, a market research firm, said that bitcoin would either have a decrease in value over the next six months (33 percent) or an entire collapse and be worthless (28 percent).

The said numbers had grown from that of last November when a survey was conducted by the same company discovered that 47 percent of people thought that the value of bitcoin would drop or collapse completely.

Only 39 percent of the people who were surveyed said that they were optimistic that the value of bitcoin would go up, which is down from the 54 percent last November.

The price of Bitcoin shot up after the previous survey of D-CYFOR. In December, the cryptocurrency soared to an all-time high of almost $20,000 per coin. However, its price has almost halved since.

The survey discovered that awareness of bitcoin had grown as the digital currency were able to steal the headlines throughout December – 91 percent of the general public said that they have heard about bitcoin, up by 11 percent last November.

And only three percent wrongly thought that physical bitcoins existed while 88 percent knew that it was purely digital.

Despite more people being aware of it, fewer people wanted to invest in the cryptocurrency.

Only 16 percent of the respondents of the survey said that they had already invested in bitcoin or have planned to, down by six percent from November.

Ethereum was the top choice for a cryptocurrency investment aside from bitcoin. It was followed by bitcoin cash, litecoin, Ripple and Cardano.