Dispelling the Myth: Will Bitcoin Really Die?

• The Gap in Understanding between Crypto Enthusiasts and the General Population
• Bitcoin's Perceived Survival
• Understanding the Miscomprehension
• Why This Misunderstanding Persists
• Dealing with Mistrust

The Gap in Understanding between Crypto Enthusiasts and the General Population

A recent survey conducted by Deutsche Bank, which involved 2,000 retail clients, brought forward surprising results that highlight the comprehension gap between the crypto-savvy individuals and the general population. Out of the many startling findings, the most significant one wasn't that a third of the respondents predicted Bitcoin$42,260 -0.64% to end the year below $20,000, which is less than half its current value. This is far from Anthony Scaramucci's optimistic forecast of $170,000, a prediction driven by the expected demand from ETFs and the potential scarcity post the next halving scheduled for April.

Bitcoin's Perceived Survival

The most eye-opening result from the survey was related to the question of Bitcoin's survival. More people anticipated Bitcoin to cease to exist in the future than those who believed it would persist. This brings to light the enduring Bitcoin is dead narrative. This meme has resurfaced repeatedly despite Bitcoin having been declared dead 475 times since 2010 according to a tracker of press reports.

This persistent belief among the masses that Bitcoin will fade away, despite a 13-year performance that makes it one of the best investments since the financial crisis, underscores a massive communication failure on the part of the crypto industry. The industry has not been able to sufficiently explain and communicate the concept of Bitcoin to the average person.

Understanding the Miscomprehension

The misunderstanding and lack of knowledge prevalent among the general public can lead to frustration among crypto enthusiasts. This attitude, however, only further alienates the public, making them less likely to trust and seek to understand this complex concept.

One of the primary reasons for the resilience of the Bitcoin-is-dead narrative is the fact that it directly contradicts Bitcoin's most vital feature: its undying nature. In a world where most assets can be manipulated by a government, bank, internet platform, or hacker, Bitcoin's invincibility should indeed be a marvel. Yet, it is often overlooked due to its abstract nature.

Why This Misunderstanding Persists

For the layperson, the tangible benefits of Bitcoin might not be immediately clear. They have their traditional currencies and see them as sufficiently functional. Pondering the larger implications of a censorship-resistant, depoliticized value exchange surpassing nations' systems of dependency may not hold immediate relevance to the average person's daily life.

Dealing with Mistrust

Before opening themselves up to new concepts, individuals need trust. Unfortunately, this trust is often missing between the crypto community and the general population. The public's skepticism is often deepened by the ostentatious behavior of some within the crypto community.

What's needed are straightforward, empathy-driven messages that can bridge the gap between these two communities and foster a greater understanding and acceptance of Bitcoin and other cryptocurrencies.

Edited by Jonathan Stoker