22 sats \ 0 replies \ @grayruby 25 Jul 2023 \ parent \ on: What is the WORST case scenario for Bitcoin? bitcoin
You have to factor in the amount of destruction "crypto" has caused. The majority of people laugh and mock "crypto" and rightfully think it is all a scam or ponzi. Although it might be unfair they lump bitcoin in with crypto, actually they conflate it as one and the same because bitcoin is the only crypto asset many people know. So this has done great damage to the Bitcoin brand. I think people are slowing coming around to the idea that bitcoin and crypto should be treated differently.
Sure crypto has been a gateway drug for some to touch the stove and then become bitcoiners but overall it has done more damage than good.
If you factor in the level of trust one must have to convert to a different money to save in (it's not like switching from twitter to threads or blockbuster to netflix- we are talking people's life savings here and breaking their worldview of what money is) and the damage crypto has caused it is going to take some time or a major tipping point to get to mass adoption.
There will be some increased bitcoin usage in jurisdictions with failing currencies (which there will be many more to come) but most will first run to the dollar, when that fails they will say let's try gold that worked in the past, when that fails and they see more and more people have been successful preserving wealth with bitcoin they will begin to consider it.
If we could be at a billion users in 10 years that would be amazing but it might take 20.