The Future of Bitcoin as Digital Gold

[DediRock]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

[Hatchy]

First off,  adoption is a significant challenge facing Bitcoin. Many people are misinformed about investing in cryptocurrency, thinking it's an online scam. This misconception spreads quickly, causing others to shy away from investing. Again, government authorities attempts to control Bitcoin creating uncertainty and fear. The implementation of strict regulations and laws, although intended to protect investors, can make investing in Bitcoin seem a bit unappealing. the volatility of Bitcoin's price and security concerns only add to the apprehension. These factors combined create a perfect storm that hinders widespread adoption and acceptance of Bitcoin as a store of value.

[Fiatless]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

1. Unfavourable government policies such as bans and restrictions on Bitcoin activities
2. Slow spread of Bitcoin education and awareness. Many people in some parts of the world don't know much about Bitcoin.
3. Fraudulent centralized crypto platforms. Some exchanges and custodian services providers engage in fraudulent activities which gives the sector bad publicity.

[Doan9269]

Bitcoin is increasingly viewed as "digital gold" in 2024.

Bitcoin have always been seen as a digital gold right form inception, this is why you could discover the fast increase in the rate of its adoption over the years and the way people are fast in seeking for financial opportunities with bitcoin, so its more better to have the understanding that this year was not the starting point for it view as a digital gold, it has always maintain the consistency of being an acceptable digital currency, which many are seeking after to learn, invest and adopt.

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

There is no challenge of any kind that bitcoin wont be able to overcome as its coming, this start form the way the governments first picture bitcoin, some said its an illegal and fraudulent currency while some will also go against it for no reason just like that, but despite all odds, bitcoin is what it has become today for many reasons in which satisfy the needs of the people at large and remained decentralized as well as unstoppable.

[SatoPrincess]

Well I can think of a few reasons why that is:

• Bitcoin and privacy coins pose a threat to the traditional financial system. Governments around the world want to regulate BTC and because of the decentralized nature of bitcoin, governments find it hard to regulate bitcoin transactions.
• Bitcoin has been associated with criminal activities and labeled as a scam by governments and big banks, leading investors to believe that Bitcoin is dangerous. It’s being perpetuated by the government that if you have nothing to hide, you shouldn’t use Bitcoin.

[coolcoinz]

I feel like bitcoin is the better asset and normally the only challenge would be to teach people about the ways they can profit from buying and holding, but it's not that simple.

Unfortunately the world revolves around fiat money and those responsible for it have unlimited funds. They can print as much as they can and they make the laws. If you haven't heard BlackRock is partially owned by Bank of America, which means that if you sell bitcoin to them you sell it to the guys who print money and want to sustain the current fiat system. They're slowly buying you out. That's the greatest challenge.

IMO bitcoin will grow in value but by the time it reaches a million dollars it will be owned by states and they'll be able to do whatever they want with it.

[nakamura12]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Some people did view bitcoin as digital gold but for me it isn't a digital gold. Bitcoin is bitcoin and it is not digital gold. Gold is different from bitcoin and one of it is that it is not digital compared to bitcoin which is digital. I'd rather say that bitcoin is a digital currency although it is a digital but it is kinda similar to gold and many people are now adopting bitcoin. Well, we all have different point of view towards bitcoin on how we know it either as a digital gold or something like that.

[d5000]

Just very recently I started a thread called Bitcoin's roadmap towards Gold Flippening.

My take is that the biggest obstacle is actually Bitcoin's high volatility. People are still too scared about Bitcoin's notorious crashes and dips. Until that doesn't change, most people will not recognize Bitcoin as an alternative to gold.

The problem is that this is quite a re-inforcing spiral:

- People buy Bitcoin as a speculative investment because "it's volatile and risky, but I could get rich quickly if I'm lucky riding the waves"
- Often they leverage their long position to maximize short term gains
- This highly leveraged positions create more sell pressure when massive liquidations take place (short sellers love that!)
- The resulting crashes create fear.
- And this fear is what makes people think that it's still "volatile and risky" and only suitable for a short term, speculative investment.
- rinse and repeat.

We have to break this cycle if we want Bitcoin to become a real digital gold alternative. I have listed some possible options in this post.

The other factors that were mentioned, like the prevalence of scams and fraud, are already improving. The market is maturing and so is also regulation. In 2024, people would not buy a BitConnect, OneCoin or Generación Zoe that easily as 5-10 years ago.

[CryptoBuds]

There is no challenge of any kind that bitcoin wont be able to overcome as its coming, this start form the way the governments first picture bitcoin, some said its an illegal and fraudulent currency while some will also go against it for no reason just like that, but despite all odds, bitcoin is what it has become today for many reasons in which satisfy the needs of the people at large and remained decentralized as well as unstoppable.

16 years is too short a time to say that there are no challenges that could pose a problem for bitcoin, the asset has never even experienced a major economic crisis like the 2008 crisis, even though that is the reason it was created. Or Bitcoin is not an effective inflation hedge when inflation hits a 40-year high in 2022. Bitcoin has been dumped heavily and lost more than 70% of its value during the crisis and if anyone uses it as a safe haven in 2022 it will be disastrous.

Yes, nothing can stop the growth of bitcoin, it is still trying to prove it but we need more time to evaluate it accurately. But so far, it's just a highly volatile investment. People call it digital gold because of its potential, but to be fair it is not there yet and cannot be compared to gold.

[shinratensei_]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

the volatility is still too wild is I think the primary hindrance of bitcoin becoming universally accepted store of value, speaking about legality, I think so many countries already accept bitcoin as a commodity, some even already accept it as a currency.
but so many people still consider storing their wealth in bitcoin as rather taboo because the infamous volatility where price swing so wide people gonna be scared out of it.
eventually it will get better with the ever growing market capital and current bitcoin volatility isn't as bad as before, but I think it's still something to be considered regardless.

everytime you talk with average people about storing wealth in bitcoin to fight inflation they always gets concerned with the volatility seeing from the monthly candle chart, though honestly since bitcoin has shown to be growing linearly over the course of decade,  it's still suited to be used as a store of value.

[kro55]

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Gold was discovered around 3600 BC and has gone through thousands of years and millions of events around the world to reach its current level of reliability. Meanwhile, bitcoin is only 15 years old and has not even gained worldwide recognition and only a small fraction, less than 10% of the world's population, uses it. So bitcoin needs to overcome a myriad of challenges to become a store of value or a safe haven like gold.
We need worldwide recognition, generation after generation, not just recognition from the bitcoin community, which is only a few percent of the world's population and thinks it is indeed digital gold.

[OcTradism]

Bitcoin is increasingly viewed as "digital gold" in 2024.

Bitcoin has been considered as digital gold in many years, not only in 2024.

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Challenge from people adoption to governmental adoption and people as citizens are more easily to adopt Bitcoin, but governments have more reasons to refuse Bitcoin as a legal thing or legal tender.

Some comparison between Gold and Bitcoin.
The bullish case for Bitcoin (part 2)

[Darker45]

Gold's value has been largely stable for centuries, perhaps even millennia. Bitcoin doesn't have that characteristic. We might achieve a certain level of stability in the future though, but we might not live to see that.

Bitcoin doesn't have a solid track record yet. That hinders a lot of people to fully trust Bitcoin. All Bitcoin needs is to stay alive and relevant for more decades and that acceptance will naturally come.

But make no mistake, Bitcoin is already treated as a store of value today, although it isn't mainstream yet.

[Helena Yu]

Bitcoin is Bitcoin, gold is gold, Bitcoin isn't a Digital Gold.

Bitcoin price is more speculative, the price can go in any direction without any reason.

While gold price move based on global problem, it slowly rising, but if there are crisis or war happened on other country, only gold will pump, while other assets will dump including Bitcoin.

If Bitcoin is a Digital Gold, Bitcoin price should move similar like gold

[m2017]

First off,  adoption is a significant challenge facing Bitcoin. Many people are misinformed about investing in cryptocurrency, thinking it's an online scam.

Another part of people is misinformed in that they consider bitcoin to be an instant means of enrichment, ensuring the receipt of a Lambo and an island in the Caribbean.

This misconception spreads quickly, causing others to shy away from investing.

There is another part of people who quietly invest in bitcoin, receiving benefits from it (not only financial ones).

Again, government authorities attempts to control Bitcoin creating uncertainty and fear. The implementation of strict regulations and laws, although intended to protect investors, can make investing in Bitcoin seem a bit unappealing.

On the contrary, in the eyes of ordinary people, state control appears as a guarantor of reliability, trust and security (with which bitcoiners will certainly disagree).

the volatility of Bitcoin's price and security concerns only add to the apprehension.

Volatility is not a bad thing if you know how to use it to your advantage (like traders).

Security issues are minimized with proper computer hygiene.

People will always find an excuse to do nothing and watch the growth of bitcoin from the sidelines for decades.

These factors combined create a perfect storm that hinders widespread adoption and acceptance of Bitcoin as a store of value.

The perception of bitcoin as a means of saving is hampered by the fact that bitcoin is considered a quick way to get rich.

[Marvell1]

Bitcoin is Bitcoin, gold is gold, Bitcoin isn't a Digital Gold.

Bitcoin price is more speculative, the price can go in any direction without any reason.

While gold price move based on global problem, it slowly rising, but if there are crisis or war happened on other country, only gold will pump, while other assets will dump including Bitcoin.

If Bitcoin is a Digital Gold, Bitcoin price should move similar like gold

If we look at what is going on fairly, bitcoin is just a speculative asset, nothing more, nothing less. That is why its price keeps fluctuating without any reason and people often call it manipulation.
Many people are just exaggerating about bitcoin when they compare it to gold or consider it digital gold. This is really a lame comparison, an asset that has been playing an important role in the world economy. Meanwhile, bitcoin has yet to make a significant contribution to the economy or even gain global adoption. How can we compare and claim that they are equal?


Just because bitcoin has grown millions of times and many people have made huge profits from it. That means it will be able to match or play as important a role as assets that have been around for thousands of years.

[dzungmobile]

If we look at what is going on fairly, bitcoin is just a speculative asset, nothing more, nothing less. That is why its price keeps fluctuating without any reason and people often call it manipulation.
Many people are just exaggerating about bitcoin when they compare it to gold or consider it digital gold.

If Bitcoin is a pure speculative asset, without good intrinsic value, utility, use cases, I am sure with you its price would have not been staying at high many years.

Scam things can suddenly make a hype and get very high price but fast comes, fast goes is true for them. Bitcoin is different and by maintaining its price at very high price area over years, it means a lot of things about value of Bitcoin.

See Never look back price and Satoshi per dollar charts
https://charts.bitbo.io/never-look-back-price/
https://charts.bitbo.io/satoshi-per-dollar/

[AprilioMP]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

The first challenge is the prohibition regulated in government regulations or what I mentioned is a third party. If a third party forbids, then the obstacles that will be experienced are very pronounced, not the Bitcoin, but the user.
Like us who do not get a hard ban on Bitcoin, we can still make Bitcoin as a long -term investment asset as a hedge.

Second, third and so on there are no obstacles that I feel.

[Wildwest]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

The exchange rate on bitcoin is very promising to this day. Bitcoin will become digital gold when it has passed several real arguments such as property assets and also gold as the main basis for investment in ancient times until 2024. Many people have recorded traces of gold in the traditional market. Bitcoin is not the main platform at the moment but many people have made Bitcoin a digital investment for the future.

[Cryptoverse24]

The future is bright for bitcoin and other cryptocurrencies.I cannot see them disappearing any time soon.The limited supply and ease of use is what makes bitcoin so popular.People will still be investing in bitcoin 10 years from now and by that time its value is going to cross the $1 million/btc mark.