Luke Broyles Warns: Bitcoin Skepticism Will Persist Even at Record Highs
Luke Broyles, a Bitcoin advisor, claims that doubts about the cryptocurrency’s potential for future growth have plagued it for years. Even if the price hits millions, Broyles thinks this will go on.
I think it’s going to be that way for a very long time. 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?
Broyles
At each price milestone, Bitcoin has been met with skepticism. Critics have questioned the asset’s capacity to rise further each time it has hit a new all-time high. In times of price correction, many doubters believed it would never bounce back.
Broyles: Bitcoin ATHs Mean Nothing If People Don’t Believe
Bitcoin hit a number of new all-time highs this year. According to CoinMarketCap, Bitcoin most recently hit $124,457 on August 14. At the time of publication, it had dropped to $108,391. But according to Broyles, the largest barrier to Bitcoin is psychological rather than technical. He claims that the majority of people still do not think that Bitcoin can make their everyday life better.
Unfortunately, I don’t think a lot of people will make that switch until they see that. I think it is going to be an exceedingly long period of time,
Broyles
Broyles: Bitcoin-Backed Real Estate Loans Could Transform Adoption
According to Broyles, integrating Bitcoin with real estate loans will have a far greater impact on adoption than persuading Bitcoin naysayers to make consistent, long-term investments.
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? I think that is going to blow people’s minds,
Broyles
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