Skepticism over Bitcoin’s ability to rise further has followed the asset for years, and will likely continue even if the price reaches into the millions, according to a Bitcoin adviser.
“I think it’s going to be that way for a very long time,” The Bitcoin Adviser’s Luke Broyles told Natalie Brunell on the Coin Stories podcast on Friday.
“I think Bitcoin will be at $5 million, $10 million or more, and people will still be saying, Yeah, well it’s 8% of world assets now. It can’t go any higher, right?” he added.
Skepticism has followed Bitcoin
BTC$109,017at every price milestone. Each time the asset has reached a new all-time high, critics have questioned its ability to climb further. During price corrections, many skeptics assumed it would never recover.
This year, Bitcoin reached several new all-time highs. Most recently, Bitcoin reached $124,128 on Aug. 14, according to CoinMarketCap. Since then, it has pulled back to $109,290 at the time of publication.
However, Broyles argued that Bitcoin’s biggest hurdle isn’t technical but psychological, as most people still don’t believe it can improve their everyday lives. “Unfortunately, I don’t think a lot of people will make that switch until they see that,” he said.
“I think it is going to be an exceedingly long period of time,” he added.
Broyles suggested that Bitcoin merging with real estate loans will do much more for adoption than convincing Bitcoin skeptics to invest regular amounts over time.