New research states a downfall of cryptocurrency in the next six months even though public awareness of Bitcoin is at its peak. The Bitcoin prices have jumped up to new highs recently crossing $8,000. The Bitcoin prices known for its volatility has lowered back below $6,000 and later jumping over $7000.
Market research firm D-CYFOR conducted a survey in UK that found 80% of the general public is aware of Bitcoin, where 58% UK citizens had opinion not to invest in it and 30% predicted its collapse in next six months. 54% were optimistic that in next six months is value might increase but only 15% plans to invest on it while 7% already had.
23% of the millennials considering buying into the cryptocurrency and were the most open to make investment in Bitcoin. Only 4% people aged 65 and above showed interest in investing in the cryptocurrency.
Even though Bitcoin has attained at most popularity, increased investment in the cryptocurrency also indicates increased scrutiny from regulators. Multiple countries has already banned or laid down restrictive measures for ICOs. UK’s Financial Conduct Authority (FCA) has issued warnings in investing in cryptocurrency stating these investments are “extremely high-risk, speculative products”.
This warning was issued by the FCA after crackdown on Initial Coin Offerings (ICOs). They have prompted investors to be prepared to lose their entire stake while participating in ICOs which issued for crowdfunding by companies for a digital token exchange.