Doubt about Bitcoin’s potential for further growth has shadowed the asset for years, and this skepticism is likely to persist even if its value soars into the millions, according to a Bitcoin advisor.
“I believe this skepticism will endure for a very long time,” remarked Luke Broyles from The Bitcoin Adviser during his conversation with Natalie Brunell on the Coin Stories podcast last Friday.
“Even if Bitcoin reaches $5 million, $10 million, or beyond, people will still say, ‘Well, it’s just 8% of global assets now. It can’t go higher, right?’” he added.
Every price milestone that Bitcoin (BTC) reaches seems to be met with skepticism. Each time the asset achieves a new all-time high, critics raise questions about its ability to ascend further. During downturns, many doubters have assumed it would struggle to bounce back.
Change may take an “exceedingly long time”
This year has seen Bitcoin attain multiple new all-time highs. Most recently, it hit $124,100 on July 14, according to CoinMarketCap. As of publication, it has decreased to $109,290.
Broyles contended that Bitcoin’s greatest challenge lies not in technology but in psychology, as many still do not see how it can enhance their daily lives. “Unfortunately, I don’t think a lot of people will make that transition until they witness it,” he stated.
“I believe it will take an exceedingly long time,” he added.
Broyles suggested that integrating Bitcoin with real estate financing would significantly boost adoption, rather than persuading skeptics to invest gradually over time.
Bitcoin integration with real estate could accelerate adoption
“Is it easier to convince a skeptic to buy $1,000 worth of Bitcoin over the next 200 months, or to say, ‘Hey, you can refinance your home and convert this equity into Bitcoin?’” Broyles posed.
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“I think that concept will really astonish people,” he claimed.
A significant gap in understanding remains one of the greatest challenges to cryptocurrency adoption. An August 2024 survey by the Australian crypto exchange Swyftx revealed that 43% of 2,229 respondents had not engaged with the technology due to uncertainty about its functionality.
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