According to Bitcoin's advisors, skepticism about the ability of Bitcoin to rise further has been on assets for years and could continue even if prices hit millions.
“It's going to be like that for a very long time,” Bitcoin advisor Luke Broilles told Natalie Brunel on Friday's Coin Story podcast.
“I think Bitcoin will be $5 million, more than $10 million, but people are still 8% of global assets, he added.
Luke Broyles (left) spoke to Natalie Brunell (right) on the Coin Stories podcast. sauce: Natalie Brunel
Skepticism follows Bitcoin (BTC) at every price milestone. Every time the assets reach new history highs, critics question their ability to climb even further. During the price correction, many skeptics assumed it would not recover.
It may be a “very long period” before the change
This year, Bitcoin has reached several new all-time highs. According to Coinmarketcap, Bitcoin recently reached $124,100 on July 14th. Since then, it has returned to $108,978 at the time of publication.
However, Broyles argued that Bitcoin's biggest hurdle was not technical or psychological. Because most people don't believe it can improve their daily lives. “Unfortunately, I don't think a lot of people will switch that until they see it,” he said.
Bitcoin has grown by 84% over the past 12 months. sauce: coinmarketcap
“I think it's going to be a very long time,” he added.
Broyles suggested that merging Bitcoin and real estate loans would do much more for adoption than persuading Bitcoin skeptics to invest a small amount over time.
Merger with Bitcoin and real estate could lead to faster adoption
“Is it difficult to convince anyone who is more skeptical of Bitcoin? Broyles said.
Related: Bitcoin Price Lost the Important Multi-Year Support Trend Line: Classic BTC fakeout?
“I think it's going to blow people's minds,” he said.
Lack of understanding is one of the biggest obstacles to the adoption of cryptography. According to an August 2024 survey conducted by Australia's Crypto Exchange Swyftx, 43% of 2,229 respondents said they were not using the technology because they didn't know how it would work.
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