Despite the hype surrounding Bitcoin ($BTC), retail interest in the cryptocurrency is far from the fever pitch witnessed during the 2021 mania. Bitcoin, often hailed as a potential gold disruptor, seems to have shifted its focus, attempting to demonetize the precious metal after failing to undermine fiat currencies.
The cryptocurrency’s attempts to challenge gold follow in the footsteps of historical alchemists who sought similar feats, all with zero success. The question arises: can Bitcoin break this pattern and emerge as a true contender?
Critics argue that Bitcoin’s inability to compete against fiat currencies has led to its strategic shift towards targeting gold. However, skeptics question whether BTC can succeed where others have failed. The absence of efforts or discussions about positioning Bitcoin as a competitor to established payment networks like Western Union, PayPal, or Visa raises eyebrows.
The puzzle deepens when considering why Bitcoin isn’t evolving into a network of its own, rivaling traditional payment systems. With minimal adoption for daily transactions, one must ponder whether Bitcoin’s value lies in genuine utility or if it’s fueled more by hope and speculation.
In the realm of cryptocurrencies, Bitcoin’s journey raises crucial questions about its true purpose and potential future role in the financial landscape.
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Retail Interest in Bitcoin $BTC is still significantly lower than it was during the mania of 2021 pic.twitter.com/PWmWM5fRDi
— Barchart (@Barchart) March 4, 2024
Bitcoin should be a threat or competition to Western Union and PayPal or visa like payment networks.
So ask yourself a simple question. Why is there zero efforts or discussions about making Bitcoin a competitor to thing it is…a network.
Why does nobody use BTC. Is it all hope?
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) March 4, 2024