A 2 year long survey by Pick My Postcode, finds that interest in Bitcoin is in decline
Recently we had a member ask if we could share the results of our bitcoin survey to see how the interest in bitcoin has changed over time. We loved the idea and thought many of you would also be interested in the results.
What is Bitcoin?
Bitcoin is a digital currency which was released 14 years ago. This online currency operates free of any central control and has no oversights of any banks or governments.
The original purpose of Bitcoin was for internet users to send money online, just like any other transaction process like PayPal or bank payment, but free from any central control.
And did you know that the first ever commercial bitcoin transaction was for a Papa John’s Pizza? In 2010, a Florida man paid 10,000 bitcoins for two Papa John’s pizzas! At the time this only translated to about $40, but now the 10,000 bitcoins would be worth $266 Million today. Those are some expensive pizzas!
Pros
- No Central Authority
- Accessibility
- High Potential Returns
Cons
- No Government Regulations
- Volatility
- Restricted and Limited Use
The Survey
Pick My Postcode collected data from over 10,000 people each week for 130 weeks, and has found that interest in investing in Bitcoin has been on the decline over the past year.
The survey found that interest in investing in Bitcoin peaked at 5.8% on 23 February 2021. Since then, interest has steadily decreased to 1.1% as of 30 May 2023. The survey also found that the number of people who have already invested in Bitcoin peaked at 5.0% on 24 May 2022. Since then, the number of people who have already invested in Bitcoin has steadily declined to 2.8% as of 30 March 2023.
The Decline
The decline in interest in Bitcoin could be due to multiple factors such as:
- volatility
- regulation
- competition
However, Bitcoin remains a popular investment for some people due to its limited supply and lack of government control. And as always, investors should be aware of the risks involved before investing in Bitcoin.
We don’t know whether our client’s interest in the question will eventually follow the same pattern, but we are going to continue to collect the data for them until that happens