Bitcoin bears outnumber bugs four to one

Close to half of international investors are bearish on Bitcoin, according to a Bloomberg Global Poll.

47 per cent of those polled said they would sell the digital currency, with only 11 per cent saying they would buy it. Seven per cent said they would hold the cryptocurrency and 35 per cent said they did not have an opinion.

Investors were sceptical that Bitcoin had the necessary properties to become a successful currency, such as being a stable store of value. The respondents were also wary of Bitcoin's volatility.

The bearish outlook is a stark contrast to the wave of recent endorsements that Bitcoin has received from company's such as eToro and Overstock.com.

However, in Overtstock's case the decision to accept Bitcoin had as much to do with politics as it did to do with business.

The libertarian chief executive of Overstock, Patrick Byrne, said:

As one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence.

In December Bank of America Merrill Lynch (BoAML) said Bitcoin could become a major source of e-commerce and become a serious competitor to traditional money transfer services.

The bank estimated that if Bitcoin grows into a significant player in e-commerce and gains a reputation as a store of value similar to that of silver, the total market capitalisation of Bitcoin could be as much a $15bn (£9bn) or $1,300 (£790) per Bitcoin.

(Bitcoinity)

The bank cited the winner takes all market as ensuring increasing acceptance and popularity of Bitcoin and raising the likelihood of success.