Bitcoin Price Skepticism Will Remain Into The Millions: Analyst

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) at 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.

It may be an “exceedingly long period of time” before change

This year, Bitcoin reached several new all-time highs. Most recently, Bitcoin reached $124,100 on July 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 small amounts over time.

Bitcoin merging with real estate could push adoption faster

“Like, is it going to be harder to convince somebody who’s more skeptical of Bitcoin, hey, you should buy $1,000 of Bitcoin for the next 200 months. Or is it going to be “Hey, you can refinance your home and convert this equity into Bitcoin, right?” Broyles said.

Related: Bitcoin price loses key multiyear support trendline: A classic BTC fakeout? 

“I think that is going to blow people’s minds,” he said.

A lack of understanding is still one of the biggest obstacles to crypto adoption. According to an August 2024 survey conducted by Australian crypto exchange Swyftx, 43% of 2,229 respondents said they hadn’t used the tech because they were unsure how it works. 

Magazine: The one thing these 6 global crypto hubs all have in common…