Skepticism about Bitcoin's growth will remain even at $10 million
According to expert Luke Broyles, disbelief in the future potential of Bitcoin will follow this cryptocurrency for years, even if its price reaches millions of dollars. This is due to the psychological barrier that prevents people from believing that Bitcoin can change their daily lives.
Skepticism about Bitcoin's ability to grow further has dogged the asset for years and will likely persist even if the price reaches millions of dollars.
“I think this will be the case for a long time,” said Luke Broyles of The Bitcoin Adviser.
“I think Bitcoin will be $5 million, $10 million or more, and people will still say, 'Yeah, that's 8% of the world's assets right now. It can't go any higher, right?'” he added.
Luke Broyles (left) spoke to Natalie Brunell (right) on the Coin Stories podcast. Source: Natalie Brunell.
Skepticism has followed Bitcoin at every price point. Every time the asset hit a new all-time high, critics questioned its ability to rise further. During price corrections, many skeptics believed it would never recover.
It may be an “extremely long time” before anything changes.
Bitcoin has reached several new all-time highs this year. According to CoinMarketCap, the last time Bitcoin hit $124,100 was on July 14. It has since retreated to $109,290 at press time.
However, Broyles argues that Bitcoin's main problem is not technical but psychological, as most people still don't believe it can improve their daily lives.
“Unfortunately, I don't think many people will take this step until they are convinced of this,” he said.
Bitcoin has risen 84% in the last 12 months. Source: CoinMarketCap.
“I think it will be an extremely long period,” he added.
Broyles suggested that integrating Bitcoin into mortgage lending would do much more to boost its adoption than simply convincing skeptics to invest small amounts over time.
Integrating Bitcoin into Real Estate Could Speed Up Adoption
“For example, is it going to be harder to convince someone who's more skeptical of bitcoin that it's worth buying $1,000 worth of bitcoin over the next 200 months? Or is it going to be like, 'Hey, you can refinance your house and convert that equity into bitcoin, right?'” Broyles said.
“I think it will shock people,” he added.
Lack of understanding remains one of the main barriers to cryptocurrency adoption. According to a survey conducted by Australian crypto exchange Swyftx in August 2024, 43% of 2,229 respondents said they had not used the technology because they did not understand how it worked.
Source: cryptonews.net
