$BTC May Plunge Further As Poll Reveals Most Americans Oppose Trump's Bitcoin Reserve

A growing number of cryptocurrency users are starting to believe that Bitcoin is only headed further down after recent polling showed over half of Americans are against President Donald Trump's strategic reserve.

The U.S. president signed an executive order this month to establish a Bitcoin reserve and a separate digital asset stockpile that will include some of the market's most valuable cryptocurrencies.

However, it turns out several Americans don't see crypto as a critical aspect of the economy.

Most Americans oppose strategic bitcoin reserve

As per recent polling results published by left-leaning Data for Progress, only 10% of U.S. voters believe the government should hike federal funding for crypto and blockchain development projects.

On the contrary, 45% of the respondents said the government "should decrease" federal funding for the said programs.

Furthermore, the poll revealed that 51% of the poll respondents were against the establishment of a national Bitcoin reserve, and only 34% support the notion.

Among Republicans, 18% are strongly opposed to the idea, and among Democrats, 38% are against it. Around 32% of the independents are also against it.

Bitcoin price spike hopes are down

After the results of the poll were published, hopes for a significant comeback from Bitcoin this month fell on popular decentralized market prediction platform Polymarket.

Crypto bettors on the platform believe there is a 32% chance the world's most valuable crypto asset will fall to $75,000 by March 31.

In contrast, there is a 20% chance the digital coin will shoot up to $95,000 at the end of the month, as per the event contract.

There is some hope BTC will rise to $100,000 by month-end (9%), but there is only a 1% chance it will hit $130,000, at least for Polymarket bettors.

Last week, BTC prices plunged to $77,000 at one point, rattling new crypto holders and raising questions on the digital coin's continuing volatility a few months after it hit its all-time high above $108,000.

There's also not much hope Trump will be able to deliver the strategic Bitcoin reserve within the first 100 days of his second presidency. For Polymarket bettors, there's only a 29% chance as of late Sunday for the reserve to come along anytime soon.

Things not looking well around Bitcoin?

There's been a successive slew of developments in recent weeks that haven't played well into the hands of the world's first cryptocurrency.

For instance, the Bank of Korea called for a "cautious approach" when considering a strategic Bitcoin reserve, citing the volatile nature of digital assets.

Late last week, 21Shares announced it will liquidate two exchange-traded funds (ETFs) tied to Bitcoin and Ethereum futures, saying the decision was on "routine review of the firm's product lineup to ensure it aligns with market dynamics, the needs of its clients, and a maturing digital assets landscape.

The news deals a massive blow to Bitcoin and Ethereum ETFs, once known to revolutionize the way mainstream finance deals with ETFs.

It remains to be seen whether Bitcoin will recover soon, but at least based on the broader financial market's trends, it may take some time before the asset bounces back to its ATH levels.