Post
Topic
Board Bitcoin Discussion
Re: The psychology of btc
by
CryptoHeadlineNews
on 23/05/2024, 19:34:33 UTC
Whether they were miners or buyers, the psychology at that time was that I owned wealth. When it could be used for the first time to make purchases, it was money I could use to buy things. Having Bitcoin was equivalent to having money.
For me I will say that back then when people own Bitcoin, it could be seen as an alternative means of making untraceable payments, and not wealth, because literally, it had less significant value whereby a single $1 could afford over 100 Bitcoin, unlike today the reverse is the case, as one Bitcoin now is roughly over $70,000. So I don't think the psychology of Bitcoin has ever change, but only just that it gets modified with time.

Quote
Up until now, after the BTC frenzy, the current psychology of owning BTC is: I now have digital gold. So, do you own digital gold?
Yes, Bitcoin is referred as digital gold to due to its similarities of both having a limited supply, difficulty in mining and also higher monetary value in the market. So inasmuch as it been seen as digital gold, it still doesn't stop others from also seeing it as the asset for the future, and e.t.c. Hence, Bitcoin has several names/meaning to different set of people.