Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?
1. Unfavourable government policies such as bans and restrictions on Bitcoin activities
2. Slow spread of Bitcoin education and awareness. Many people in some parts of the world don't know much about Bitcoin.
3. Fraudulent centralized crypto platforms. Some exchanges and custodian services providers engage in fraudulent activities which gives the sector bad publicity.
points 1 and 2 are still on the line until now and not many countries or governments are open to the presence of Bitcoin as a store of value because they have no benefit from it. Then so far based on observations in my area as a small example there is no education related to bitcoin is very minimal, so not many of them want to invest, the government has labeled bitcoin as a high risk asset so that the public paradigm has been misled. Maybe only 2% are willing, even then under the auspices of a centralized exchange which is not trusted to store our bitcoins in the long term.
It's not that they don't benefit from it, it's just too risky. Bitcoin is so volatile and so young that there is nothing wrong with governments being hesitant to consider it a store of value.
Store of value must be stable and safe assets, these two factors need to be guaranteed and put first, not highly volatile assets that can bring high profits.
Does the government teach you how to invest in real estate, stocks or gold? So don't expect the government to open a class and guide you to invest in bitcoin even if it becomes safer.
Bitcoin is just a highly volatile asset or investment, not a critical factor that anyone needs to know to survive in the world. A lot of people who don't know about bitcoin are still making a lot of money and living very well.