If you’re looking for more proof of the gap of comprehension between “normies” and crypto fanatics, look no further than the results of a Deutsche Bank survey of 2,000 retail clients last week.
The most striking result wasn’t even that a third of respondents saw bitcoin below $20,000 by year end. That’s less than half its current price, and well shy of Anthony Scaramucci’s $170,000 price target, which, like other bullish predictions, sees ETF-spurred demand running up against thinner supply after the next “halving” this April.
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No, what jumped out at me was the answer to a question about Bitcon’s survivability: more people said Bitcoin will disappear in the coming years than those who believed it would stick around.
Knowing my readership, I’m sure more than a few of you are shaking your heads right now, as you contemplate the return of the “Bitcoin is dead” meme. As this famous tracker of press reports predicting Bitcoin’s demise cheekily points out, Bitcoin has died 475 times since 2010.
But, really, the joke is on us. After all this time, after so many revivals proving the naysayers wrong, and despite a 13-year track record that makes it the best investment of the post-financial crisis era, that people still think Bitcoin will soon go away represents a massive failure of outreach and communication for this industry. We have not explained what this thing is – not well enough for Joe Six-Pack to understand.
Miscomprehension
I’m as guilty as the next person in this. Because it’s easy to feel derision and annoyance at this lack of understanding, an attitude that makes it harder to earn Joe’s confidence and help him get head around this complicated, unfamiliar concept.
Here’s the retort I instinctively thought of when I read the Deutsche survey results: Oh really, people! Bitcoin is going to die this year? How exactly will that happen? Who is going to shut it down? There’s no person or company with a kill switch for Bitcoin’s open-source codebase; so you’re suggesting it will happen organically, via the…
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