More people aren’t buying Bitcoin for a few simple & stupid reasons:
- Not understanding what it is.
- Fear.
- They think they’re too late (they’re not).
- Believing everything they read in mainstream media.
- Thinking that it’s a bubble.
This one personally annoys me.
Everything is a bubble, it’s just cyclical. What happens when the housing market crashes? It creeps back up, and then crashes again. People always compare Bitcoin to the Dot Com bubble but websites (and high valued websites) haven’t gone anywhere since that bubble burst.
There’s inherent risk in everything: from crossing the street to making an investment.
I’m not saying everyone should buy into BTC, I don’t suggest it at all actually. I think the average person will go into BTC, probably see it rise meteorically and invest at the end of an uptrend- then watch it crash.
They’ll pull out their money at a huge loss and swear off BTC, while telling everyone who will listen that it’s a scam.
The vast majority aren’t buying into Bitcoin for the same reason more people don’t buy stocks, or put money into an IRA.
The slightly smaller majority isn’t buying into Bitcoin because the vox populi hasn’t given it’s seal of approval, Bitcoin isn’t “cool” yet.
If Bitcoin were a company, let’s say Facebook for the sake of this metaphor: it’s still at the point where only college students are using it, you still need a college email to even sign up at this point, and your parents aren’t going to have FB pages for another 6 years at least.
The people who are in BTC right now are the early adopters, the risk takers, and the true believers. At the end of the day, those people are just a minuscule minority in our population.
I don’t think everyone should get into Bitcoin. I think people who are willing to educate themselves about the market, develop a trading strategy, and stick by it strictly- should consider it as a valuable financial tool.
I think that anyone who isn’t happy with the fact that the world is run by financial institutions manipulating governments should consider it as a tool to inspire drastic change.
Long story short, more people aren’t in Bitcoin yet because it’s still looked at the way that Air BnB and other “share economy” business models were looked at by previous generations when they launched.
“Wait, you just get into a random persons house?! That’s not safe?”
“I don’t trust Uber, you’re telling me I’m supposed to get into a car with a stranger and expect them not to hurt me?”
“Bitcoin is fake internet money and it’s a miracle that it’s gotten this far, it’s all a scam.”
