New era has begun and cryptocurrency is gaining popularity. Many predict that cryptocurrency will revolutionize the traditional payment system entirely. While predictions are made, it is relatively accurate. We’ve seen major companies accept crypto as a mode of payment, such as Microsoft, Amazon, PayPal, Tesla, etc.

The Downfall of the Reign: Bitcoin

Cryptocurrency is a risky game with high stakes. Crypto is extremely volatile, with a track record of “boom and bust” cycles that have left many wondering whether investing is safe.

In November 2021, bitcoin reached a record high of $69,000 until 2022— a disastrous year for cryptocurrencies. The price of bitcoin dropped to around $17,000 by mid-June 2022.

As bitcoin has no underlying asset, the movement in its price is based purely on speculation among investors about whether it will rise or fall in the future. Consequently, the prices can swing violently every day.

Russian-Ukraine war, inflation, and crypto exchange FTX’s incident are some main contributors to bitcoin’s dip.

Many question whether “is bitcoin dead” or “is bitcoin overvalued,” and it’s finally the time for bitcoin to hold a reasonable price. According to 99Bitcoins, 17 credible news sources and celebrities have declared that bitcoin is dead.

Hence, Real Research launched a survey on public opinion on “bitcoin is dead” to gather further research on this.


  • 54.73% of the respondents own bitcoin
  • 26.15% say that bitcoin is undervalued
  • 32.2% agree that bitcoin is dead

Popularity of Bitcoin

Initially, the first poll show respondents’ awareness of bitcoin. Results show that 58.23% of respondents said yes, compared to 4.43% who said no. Lastly, 37.34 said yes but with limited knowledge.

The following poll shows the number of respondents who own bitcoin.

54.73% of respondents own bitcoin, 32.62% do not but plan on, and 12.65% are not interested.

We asked our respondents about their opinion on the current bitcoin price, 26.15% said undervalued, 23.72% said reasonable, and 24.94% said overvalued.

Figure 1: Respondents show similar views on current bitcoin prices

Although recently, many said that bitcoin is dead, people in developing countries have a different perspective on crypto. They may not be looking to invest in crypto to buy a mansion in New York City or own a luxury car; most are looking at the long term.

Accordingly, we asked our respondents how they felt about the crash in May 2022. The results are as follows:

7.04% were frustrated, 6.44% were anxious, and 6.78% felt anger.

On the other hand, 6.05% were satisfied, 13.57% were happy, and 17.56% were indifferent.

Will Bitcoin Rise Again?

Bitcoin has hit its lowest and fluctuates between the 16,000 – 20,000 price range. Our respondents (54.02%) believe that bitcoin is dead, compared to 36.36% who disagreed.

9.62% remained uncertain.

Similarly, 73.85% believe that bitcoin will rise again, and 18.8% do not.

Furthermore, according to the respondents who say that bitcoin will rise again, estimated the time period.

Results show that 22.35% said more than a year, 17.11% said 7.12 months, 14.03% said 4-6 months, 12.21% said 2-3 months, 10.41% said in a month, and 9.01% said that it would recover in a couple of weeks.

Figure 2: Bitcoin would take years to rise back, according to respondents

If Crypto Crashes, What Would Happen?

The crypto market is highly volatile and can be very hard to predict. However, the chances of bitcoin reaching zero is almost impossible as every bitcoin owner’s actions impact its price— buying or selling.

Assume that one day, every country in the world made it illegal to buy, sell, mine, or spend Bitcoin, and its value plummeted to $0. Even if the network remained unchanged, such a drop would cost millions of people a lot of money worldwide.

Hence, we asked our respondents what they think would happen to the crypto industry if bitcoin does not recover.

Results show that 51.81% said investors would probably dump other cryptos, 21.71% said private investments in crypto firms would be wiped out, 15.12% said many crypto-related companies would have to face significant losses, and 6.32% said it cause global panic selling and force other cryptocurrencies to crash as well.


Survey TitlePublic Opinion on “Bitcoin Is Dead”
DurationNovember 29– December 6, 2022
Number of Participants20,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.