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?
One among the major reason or challenges that Bitcoin is facing in becoming a universally accepted store of value is as a result of misconceptions of people not to be able to make or understand the clarity between Bitcoin and other coins hence passing wrong information or generalizing functionalities of Bitcoin in terms of other coins whereas Bitcoin is nothing to be compared with other coins which of course majority of them has been used for scamming and fraudulent activities, my point is that one of the challenges is people passing out wrong information about Bitcoin and at such retarding it's general adoption, criticism from those that doesn't understand Bitcoin as a coin that stood out of the crowd as the best coin of it's own kind.
I don't think blaming others is a good idea. If bitcoin is really a good and potential asset, then even if many people say bad things about it, it won't make it worse (real gold is not afraid of fire).
I think the only challenge bitcoin is facing is time, because we can't ask too much from an emerging asset to compete with an asset that has been around for thousands of years like gold. Gold took thousands of years and many different challenges for gold to gain the unwavering trust of people. Meanwhile, if you compare bitcoin with gold, it is just a baby, what can you ask of a baby?
I think bitcoin needs more time to prove to the world that it really has the potential to be no less than gold and can do more than what gold has done.