Doubts about Bitcoin’s potential for further price increases have surrounded the asset for years, and this skepticism is expected to persist, even if prices soar into the millions, as stated by a Bitcoin adviser.
“I foresee this continuing for a long time,” said Luke Broyles, The Bitcoin Adviser, informed Natalie Brunell during the Coin Stories podcast on Friday.
“Bitcoin could reach $5 million, $10 million or higher, and some will still say, Yeah, well it only represents 8% of global assets. It can’t go any higher, right?” he added.
Since its inception, skepticism has been a constant companion for Bitcoin (BTC) at every price level. Each time the asset hits a new all-time high, critics question its ability to continue climbing. During downturns, many skeptics have declared it would never bounce back.
It may take an “exceedingly long period” for change
This year, Bitcoin has achieved multiple new all-time highs, most recently hitting $124,100 on July 14, according to CoinMarketCap. As of publication, it has since dropped to $109,290.
However, Broyles contended that the main obstacle for Bitcoin is psychological rather than technical, as many remain unconvinced that it can enhance their daily lives. “Sadly, I don’t believe many will make that switch until they experience it,” he remarked.
“I believe it will take an exceedingly long period,” he added.
Broyles proposed that integrating Bitcoin with real estate loans could significantly boost adoption compared to slowly persuading skeptics to invest small amounts over time.
Bitcoin’s integration with real estate could accelerate adoption
“Is it going to be tougher to convince someone who is skeptical about Bitcoin to invest $1,000 for the next 200 months? Or is it easier to say, Hey, you can refinance your home and convert this equity into Bitcoin?” Broyles questioned.
Related: Bitcoin price loses key multiyear support trendline: A classic BTC fakeout?
“I think that will truly astonish people,” he stated.
A significant lack of understanding continues to be one of the largest barriers to crypto adoption. An August 2024 survey by Australian crypto exchange Swyftx revealed that 43% of 2,229 participants reported not using the technology due to uncertainty about how it works.
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