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71% of the UK public think the value of Bitcoin will either decrease or collapse over the next six months

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New poll shows

A new poll by polling company D-CYFOR reveals that 92% of the UK general public have now heard of Bitcoin.

The D-CYFOR opinion tracker which measures the public’s attitude towards Bitcoin and Cryptocurrency also reveals that whilst the public’s knowledge of Bitcoin is high (92%), 71% of the public say that they would not use Bitcoin or other current cryptocurrencies to buy and sell things,  11% say they would and 18% say they ‘don’t know’.

The survey goes on to reveal how likely the public would be to buy and sell things using a cryptocurrency if this was introduced by either Amazon, Google, Apple or Facebook.

Of the four companies, Amazon came out on top with 26% of the public saying they would use an Amazon cryptocurrency to buy and sell things, 55% saying they would not and 18% saying they ‘don’t know’. This was followed by 19% of the public saying they would use a Google cryptocurrency, 62% saying they would not and 19% saying they ‘don’t know’. In third place, 17% of the public say they would use an Apple cryptocurrency, 64% say they would not and 19% saying they ‘don’t know’. In fourth place 14% of the public say they would use a Facebook cryptocurrency to buy and sell things, 67% say they would not and 18% say they ‘don’t know’.

However, when it comes to the UK public’s thoughts on investment and the value of Bitcoin only 29% of survey participants were of the opinion that Bitcoin will increase in value over the next 6 months. This represents a 10% fall in investor confidence since the same question was last asked in April’s 2018 poll and a 24% fall in investor confidence from November’s 2017 poll figures.

In fact the survey reveals that 71% of the public now believe that Bitcoin will either decrease in value over the next six months (23%) or collapse entirely and be worthless (48%). This represents a 10% increase on April 2017’s figures when only 61% of the public thought that Bitcoin would either decrease in value over the next six months or collapse entirely and be worthless. The new figure shows an overall dramatic shift of 24% in the general public’s confidence in Bitcoin since November 2017 when only 47% of the public said that the value of Bitcoin would either decrease in value over the next six months or collapse and be worthless.

In terms of other cryptocurrencies, the D-CYFOR opinion tracker found that 48% of those that have invested in Bitcoin or are thinking of investing in Bitcoin would not invest in any other cryptocurrency. Of those that are thinking of investing in another cryptocurrency the top choices in order of importance are: Bitcoin Cash (18%), Etherium (17%), Litecoin (7%),  Ripple (4%) and Cardano (2%).




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