The most striking result was that one-third of respondents didn’t even think Bitcoin would fall below $20,000 by the end of the year.This is less than half the current price, which is quite low Anthony Scaramucci’s price target is $170,000.Similar to other bullish forecasts, we see ETF-stimulated demand counteracting the next round of supply declines. “halved” April of this year.
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No, what came to my mind was the answer to the question regarding Bitcoin’s viability. More people said Bitcoin would disappear in the next few years than believed it would survive.
But actually, the joke is on us. Despite a 13-year track record of multiple comebacks, proving the naysayers wrong, and making it the best post-financial crisis investment, the reason people think Bitcoin will soon disappear is because of the massive It means a failure. Outreach and communication in this industry. We haven’t explained what this is. Not enough for Joe Sixpack to understand.
I’m just as guilty as the next person in this case. This attitude makes it difficult to gain Joe’s trust and help him understand this complex and unfamiliar concept, as he is susceptible to ridicule and irritation at this lack of understanding.
The counterargument that came to me intuitively when I read the German findings is: Oh really everyone! Will Bitcoin disappear this year? How exactly does that happen? Who will close it? No individual or company has a kill switch for Bitcoin’s open source codebase. So you’re suggesting that it happens organically through the collective actions of everyone involved in it? You think that all of the tens of millions of people who have put their time and effort into it, the miners, the developers, the investors, the users, with no way of coordinating with each other, are going to be doing the following at the same time: I am. Do you want to walk away from it? Ahhh…
One reason that predictions of Bitcoin’s demise are so jarring is that it clearly contradicts an undisputed feature of Bitcoin’s core value proposition: that it cannot be shut down. .
In a world where everything can be stolen by governments, banks, internet platforms, and hackers, being unstoppable is a powerful idea. We have incredible inventions. It is an immutable math-based system for tracking the transmission of our mutual values, and predictably keeps ticking new blocks of records every 10 minutes, completely resistant to interference or censorship by anyone. . People should be really surprised.
But most people don’t. Joe Sixpack is not impressed.
Maybe it’s because it’s too abstract. What are the concrete benefits for him? He has dollars and more or less it works. He may not be happy with his government, but he accepts his monetary system. Contemplating the larger question of how censorship-resistant, depoliticized forms of value exchange can support global human sovereignty beyond the dependent regimes of nation-states is an important part of his work. It is completely meaningless in daily life.
All Joe Sixpack needs is to trust in something. And sadly he doesn’t get it from the crypto community.
When someone sells him something he doesn’t understand, Joe holds himself to higher standards before trusting that person. And if the behavior of the people associated with the item confirms his prejudice, he will conclude that they, and the item they are selling, cannot be trusted.
The noise, the bravado, the “to the moon” and “live in poverty” memes, the glitz, the obsession…justifiably or not, it makes it very hard for Joe to believe in Bitcoin.
We need simple, empathetic messages.
