Why governments are not the only ones sceptical about Bitcoin's adoption.

[Alpha Marine]

In a way, the government is ran by the rich. It's always their welfare that the government prioritizes.

Exactly. If Bitcoin were owned and controlled by the rich, the government would have been more open towards it. If banks and other Wall Street guys were the ones who owned Bitcoin, they wouldn't be too sceptical. But Bitcoin is the opposite of their business model. Whatever they're doing now to integrate it into their business is just because they have to be dynamic and keep up with the changes in the world.
We saw how the governmnet listened to the banks about the stablecoin issue that made coinbase CEO and other exchanges speak up.
If things are good for the rich and elite, then the governemnt will find a way to make the people think that thing is good for them.

[KingsDen]

In a way, the government is ran by the rich. It's always their welfare that the government prioritizes.

Exactly. If Bitcoin were owned and controlled by the rich, the government would have been more open towards it. If banks and other Wall Street guys were the ones who owned Bitcoin, they wouldn't be too sceptical. But Bitcoin is the opposite of their business model. Whatever they're doing now to integrate it into their business is just because they have to be dynamic and keep up with the changes in the world.
We saw how the governmnet listened to the banks about the stablecoin issue that made coinbase CEO and other exchanges speak up.
If things are good for the rich and elite, then the governemnt will find a way to make the people think that thing is good for them.

The government is not just skeptical about Bitcoin, there are simply not happy because bitcoin is not their creation. The government is not skeptical that they will lose money in Bitcoin or bitcoin will stop existing in the nearest future. They are not just comfortable that bitcoin has not made it easy for them to control everything. Government is the mother of centralization and the Bitcoin principles stands against centralization. I think this is where the crack is coming from.

Government is fighting to be able to control bitcoin 100% before they will give in their all. And this is something that is likely not going to happen because they are a lot of people behind Bitcoin. Unless the masses loses interest in the Bitcoin business before the government will be able to hijack it. For now, the masses are super interested.

[Strongkored]

Interestingly, it's not only governments that are sceptical, the rich is also sceptical.

In recent years, much has changed. Wealthy individuals have become actively involved in the Bitcoin market. They not only buy but also influence the market through the volume they purchase.
Similarly, some governments have legalized Bitcoin, and this number is likely to continue to grow, as they see examples from other countries that have legalized Bitcoin.
Bitcoin adoption will continue to grow and those who were previously skeptical will start to accept it.

[rat03gopoh]

While inflation can devalue money held in cash, if Bitcoin is held instead it can't be devalued, reason it's usually referred to as an hedge against inflation. So while there's a person increase in prices of good and services, the value of cash is retained if Bitcoin is held, and then   there's no much cash in circulation to rapidly pursue assets Herby going a long way to increasing the rapid value of assets held by the rich.

All these statements are nonsense, and the logic is flawed.
Who is using Bitcoin as a hedge? Does a limited supply mean a stable value, or will it forever be subject to extreme volatility? Who do you think can limit the supply and demand of the Bitcoin market?

[cryptoaddictchie]

While inflation can devalue money held in cash, if Bitcoin is held instead it can't be devalued, reason it's usually referred to as an hedge against inflation. So while there's a person increase in prices of good and services, the value of cash is retained if Bitcoin is held, and then   there's no much cash in circulation to rapidly pursue assets Herby going a long way to increasing the rapid value of assets held by the rich.

So when we talk of Bitcoin's adoption, let's also look beyond the government, because some secs of the rich are also sceptical!

It can be also got lowered in value and its depend on the price of the bitcoin it got acquired. When you bought at $120k during the time its pumping then you are down considerably. It may not be devalued but the value at time you bought decrewse its value based on the amput  he bought.

Im a bitcoin supporter and I didnt want it to see devalued or drop but it doesnt mean it cant give you negative port for that by holding.

[Alphakilo]

Interestingly, it's not only governments that are sceptical, the rich is also sceptical.

In recent years, much has changed. Wealthy individuals have become actively involved in the Bitcoin market. They not only buy but also influence the market through the volume they purchase.
Similarly, some governments have legalized Bitcoin, and this number is likely to continue to grow, as they see examples from other countries that have legalized Bitcoin.
Bitcoin adoption will continue to grow and those who were previously skeptical will start to accept it.

Bitcoin adoption is just about $1 million left from the $21million to be mined and that says a lot that those who were once critics are those who have bought into the spot ETF because they have large pocket and thus holds more than those who have been sceptical to begin their own investment by DCA strategy or lump sum.
Even governments know how important Bitcoin is like Gold, hence there's strategic reserve banks to hold BTC instead of selling off those seized from criminals or suspected money launderers.

Bitcoin is decentralized from government control even if they create centralized systems to control it, it can't be fully controlled and contained, that's why the best advice is to have your own share of the pie instead of telling your grandchildren later how you knew about it in your time but did nothing about it.

[YOSHIE]

When we talk of Bitcoin's adoption, we often look at it from the perspective that governments are sceptical about it because of a plethora if reasons; it's a currency that can't be manipulated to her will.

As far as I know, the government is not the only one who is skeptical of Bitcoin adoption, we know that many other parties are skeptical of Bitcoin adoption, such as financial experts, ourselves, ordinary individuals and many others.

It is necessary to understand that skepticism will arise when what we believe will arise, there will be concerns, uncertainty about its usefulness and what is worse, concerns about Ponzi schemes. In short, the government is very afraid that losing control over Bitcoin adoption will have an impact on the economy and monetary.

[serjent05]

So when we talk of Bitcoin's adoption, let's also look beyond the government, because some secs of the rich are also sceptical!

Indeed aside from the government, there are also these circles of people, ordinary or elite, that are skeptical when it comes to Bitcoin adoption.  Most of these people are conservative and is often close-minded on emerging technology.  They think that innovations is not needed, especially in the trade where they were successful.

Aside from that, many of these skeptical people don't think that it is important to get themselves engaged in Bitcoin adoption because they know that their world will go on even if they don't missed on Bitcoin.

[Felicity_Tide]

I don't think scepticism is tied to a set or group of people. It just happens to be a part of us that we often show based on different circumstances. In the case of Bitcoin, of course I can agree that some rich individuals are a bit sceptical, but that doesn't mean that other rich individuals don't foresee the future benefits for themselves. Scepticism is natural... Even most investors who are not as rich as the elites, were probably ones sceptical at some point.

As far as Bitcoin is concerned, it's not longer about being sceptical or how long it takes to remain sceptical. The moment of realization is likely to benefit the person more because Bitcoin is already global.

[Franctoshi]

When we talk of Bitcoin's adoption, we often look at it from the perspective that governments are sceptical about it because of a plethora if reasons; it's a currency that can't be manipulated to her will.

Interestingly, it's not only governments that are sceptical, the rich is also sceptical.
As we must have observed, the poor usually hold cash(usually in banks) and spend cash, while the rich usually hold assets.
Cash at hand and cash at bank can easily devalue, because of inflation, while the value of assets usually increase as a result of inflation. In simple terms inflation is a tool that the rich can adapt to become richer, at the expense of the poor

Then comes Bitcoin, a fixed currency that can't be diluted by the government. A currency that when held, can't be devalued by inflation. Bitcoin gives everyone a level playing field.

While inflation can devalue money held in cash, if Bitcoin is held instead it can't be devalued, reason it's usually referred to as an hedge against inflation. So while there's a person increase in prices of good and services, the value of cash is retained if Bitcoin is held, and then   there's no much cash in circulation to rapidly pursue assets Herby going a long way to increasing the rapid value of assets held by the rich.

So when we talk of Bitcoin's adoption, let's also look beyond the government, because some secs of the rich are also sceptical!

The other category of investors that doesn't want you to get hold of Bitcoin or that doesn't wants Bitcoin to work are the Banks and hedge fund managers who profit from the money you keep in the bank, So with the invention of Bitcoin they understood the  fact that with Bitcoin, it is giving power back to the masses over their money because most people would prefer self custody than saving their money in the Bank.

[Furious 7]

Some of the reasons why people are skeptical of bitcoin all boil down to
 
1. those who really don't like bitcoin because they have other interests and the existence of bitcoin interferes with their sustainability such as the government or rich people who have special goals with their business.
2. those who do not know or are unfamiliar with bitcoin so they have great caution against bitcoin because they are not too familiar with it.

But even so not all governments hate or are skeptical of bitcoin especially with the adoption of several countries that are currently happening even though this is also used for their personal benefit and as well as the rich, we can see some big names like Saylor who have always been a trademark of the rich whose loyalty is unquestionable to bitcoin so for me this is not about a matter of wealth but when something hinders someone's goals then they will try to eliminate it as well as the government and the rich rulers who do not like bitcoin because they will always think bitcoin is a threat.

[Faisal2202]

It's the rich who benefit the most of the status quo. Whatever disrupts or shakes the system put in place by the government also affects them. Therefore, it isn't surprising if both the government and the rich are equally skeptical of Bitcoin. On the contrary, it's expected. They move as one.

Usually, politics is controlled by the rich, it seems so fictional but very basic and simple idea that we all want to ignore. Rich gives them instructions and that seems really a dumb idea to trust on but I think it is not that dumb. It is true that either the rich spend a lot of money to have some influence and power or either political leaders are seeking investments from rich people to do what they ask them to do because they are also in power.

They need each other and work together and whoever won't will end up in the grave pretty simple haha.

Well, now the both rich and governments are ready to adopt bitcoin and investing in it.

[r_victory]

Some countries are already starting to build their bitcoin reserves, and others, like mine, Brazil, are discussing the matter. It's possible that soon we will have more countries adopting the same measures; it's only a matter of time. I don't see reluctance; I only see a lack of understanding and foresight. For many, traditional money and precious metals are still safe assets. The same applies to companies and large investors; today we have many who were fierce critics and who now defend cryptocurrency.

[Hatchy]

In a way, the government is ran by the rich. It's always their welfare that the government prioritizes. When there are programs, policies, regulations, directives, and the like, it's always the rich and powerful that benefit from them the most. The government would even go as far as sending young men to strange lands to kill or die in order to fulfill the agenda of the rich, economic or otherwise.

It's the rich who benefit the most of the status quo. Whatever disrupts or shakes the system put in place by the government also affects them. Therefore, it isn't surprising if both the government and the rich are equally skeptical of Bitcoin. On the contrary, it's expected. They move as one.

You literally spoke my mind. The rich and the government are same tools, just different fields. When inflation favours the rich, it favours the government as well. The sets of people who suffers inflatable economy is the poor. They have to work extra miles to meet up the increase in price of commodity or expenses whole their income may not necessarily be considered for an increase. Such people barly have thoughts of investments, they are mainly concerned on providing their basic needs and seeing to it that they live happily. The government and the rich goes hand in hand when it comes to the economic situation of a country, I call them the elites..

[Wiwo]

Oos you are right in some ways but then we have to take note and key factors why bitcoin adoption between government and individual and what role bitcoin can play as hedge against inflation and also how the rich uses inflation against the poor which is not entirely correct, what we should take note of when discussing this topic is the key factors which is how one approach bitcoin as an asset and what volitilities we have to stand against in other to maximise that profits.

Government regulations is gradually shaping the way both the rich and the poor perceived bitcoin, at least now there are clearer road map and regulations even we have some state holding alot if position in the ETFs so things are changing and bitcoin is gradually taking the mainstream position as future assets meaning assets for long term.

[ZAINmalik75]

So when we talk of Bitcoin's adoption, let's also look beyond the government, because some secs of the rich are also sceptical!

Bitcoin is a hedge against inflation but it is not that straightforward. In theory, it has a fixed supply, and after every halving, the price increases but someone holding bitcoin can also lose more than 50% in few months. This does not really make it a stable hedge like Gold.

Also, rich people not only make money from inflation, hey look out for investment opportunities, businesses and network opportunities. Bitcoin does not remove these advantages. So wealth gap is not just about inflation. As of now everyone is buying bitcoin, can you tell why they are buying it now?

[Cookdata]

Most of the powerful people in Old Money do not trust it because Bitcoin removes all their unfair edges, for example being first to get new money or getting into secret hidden accounts since system is clear and not controlled by one group.
I think we are seeing split in which the New Money buyers are using Bitcoin due to its ease whereas Old Group is scared by this move since they cannot continue to depend on rising prices to keep ahead of rest.
Owning Bitcoin, normal man is really protecting himself against money system that had before pushed him aside, and first, and only, truly fair start is made.

You have a valid point but I think particularly, it's because the government fear what it can't control and because of the other investment ideas they have seen. Bitcoin was having small circle of investors and with high volatility, the price wasn't stable but over time, it got better and even the government understood what it's and why people want to use it but the fact that Bitcoin cannot be control by the government is what is limiting them from the adoption, if they can't control it they wouldn't go all in.

For me, they don't have to be involved, I could remembered when everything about government used to be against the government, there was no room for government to take part in holding Bitcoin, they literally were cancer to Bitcoin adoption until some people felt there is need to take them along through politics and they were lied to with bunch of promises. Let's government allow it free, fair and as legal tender, the people that will buy will do without government interference.