The rise of Central Bank Digital Currencies (CBDCs) poses significant competitive pressure on the cryptocurrency market, particularly Bitcoin (BTC). CBDCs offer governments a controlled digital currency alternative, potentially undermining the decentralized nature of cryptocurrencies. As CBDCs gain traction, they may attract users seeking stability and regulation, diverting interest away from BTC and other cryptocurrencies. However, the introduction of CBDCs could also legitimize digital currencies as a whole, potentially increasing overall market participation. Analyzing user sentiment and adoption rates will be critical in understanding how CBDCs influence BTC's market position and broader cryptocurrency dynamics.