56% Say the Russia-Ukraine Crisis Is the Cause of Bitcoin Value Dip

In early May, the Bitcoin value dropped to as low as $29,000 in a shocking turn of events since its peak of $68,000 in November 2021. The spectacle gathered mixed feelings among crypto enthusiasts, investors, and potential investors. In fact, there were speculations of a further price drop. However, others predicted that a price surge would follow. During this time, many also deliberated the possibility of investing in Bitcoin. All contributed to many having opinions about the Bitcoin value drops.

Thus, Real Research launched a survey on the Bitcoin value dropping by 50% since the November peak. The survey aims to know what the public has to say about the drop in Bitcoin value. The survey also asks what respondents would do when their holdings in Bitcoin value dips, etc. Here are the results.

Highlights

• 48.84% have owned Bitcoin for less than a year.
• 56.75% say the reason Bitcoin value dropped is because of the Russia-Ukraine war.
• 48.42% say, apart from Bitcoin, they have invested in Ethereum.

The Majority of Respondents Own Bitcoin

The survey starts with a question on whether respondents own any amount of Bitcoin. In response, 66.32% say ‘yes, for a long time.’ Whereas, 18.31% also say ‘yes, I bought some recently.’ However, 15.37% say they do not invest in crypto.

Next, the survey asks how long respondents have owned Bitcoin. Almost half of the respondents (48.84%) owned this asset for less than a year. Furthermore, 22.73% owned Bitcoin for 1-3 years and 7.51% owned it for 3-5 years. Lastly, 3.77% claimed they owned Bitcoin for 5-7 years, and 3.46% for 8 years or more.

On the matter of what other cryptocurrencies respondents invested in so far, the majority (48.42%) say Ethereum. Meanwhile, 10.40%, 7.66%, 7.45%, and 7.14% invested in Binance Coin, Solana, Cardano, and Dogecoin respectively. Furthermore, the lesser-invested cryptocurrencies by participants are Shiba Inu (5.97%) and VeChain (3.65%).

84.48% Of Respondents Are Aware of Bitcoin’s All-time High in November 2021

Further on, the survey asks whether respondents are aware of Bitcoin touching its all-time high in November. In response, more than three-quarters of the respondents (84.48%) say ‘yes’, while 15.52% say ‘no’.

Accordingly, the survey asks respondents the reasons behind the Bitcoin 50% drop plummeted to as low as $33,438. The majority (56.75%) believe it’s the Russia-Ukraine war, whereas 10.46% think it’s the drop in oil prices. In line with this, 9.15% suggest it’s the global government regulations for cryptos and 7.05% think it was inevitable as Bitcoin is unstable. Additionally, 4.72% believe it’s because of FUD (Fear, Uncertainty, Doubt), and 4.39% chose the stock market plummets. Lastly, 4.07% felt Elon Musk buying Twitter is a possible cause.

To add, the survey asked whether respondents think Bitcoin value is likely to climb back up again. On this, 57.28% feel it is ‘highly likely,’ whereas, 21.19% feel it is somewhat likely, and 7.19% feel it is ‘unlikely.’

The Majority of Respondents Sell Their Bitcoin During a Price Dip

The survey then asks what respondents would do with their Bitcoin during a price dip. In response, 44.94% would sell their Bitcoin. Meanwhile, 29.93% would hold it. Interestingly, 12.44% would buy Bitcoin during a price dip.

To conclude, the survey asks what other cryptocurrencies respondents feel have seen price drops as well. The majority of 54.93% say Ethereum, 8.26% Binance Coin, 7.14% Solana, and 6.80% Cardano. Adding on, fewer number of respondents say it’s Dogecoin (5.85%), XRP (4.59%), Shiba Inu (4.76%), and VeChain (2.65%).