A recent survey by CoinGecko, involving 2,549 crypto participants, sheds light on prevailing narratives about Bitcoin. The study revealed that 58.1% of respondents view Bitcoin as ‘digital gold,’ fueled by its limited supply (only 21 million coins) and historical price appreciation. This narrative has cemented itself alongside Bitcoin’s perception as a store of wealth.
While only 14.9% believe Bitcoin is merely P2P cash, as originally envisioned by creator Satoshi Nakamoto. Despite this original goal, the ‘digital gold’ narrative has eclipsed it due to more accessible frameworks and blockchain-based payment solutions.
Furthermore, 17.1% consider Bitcoin an investment in the broader crypto industry and blockchain technology. This view surpasses the P2P cash narrative, highlighting a belief in Bitcoin as a representative asset for trade.
Only 9.9% of respondents view Bitcoin purely as a speculative high-risk asset, possibly due to concerns about devaluation. These findings show a notable portion still sees Bitcoin as a high-risk, high-reward investment.
Furthermore, the survey revealed differences in perspectives among various groups within the crypto community. Investors are most inclined to believe in the ‘digital gold’ narrative, with 64.4% aligning with this view. In contrast, traders (47.9%) and builders (45.6%) are less convinced.
Traders and builders lean towards other narratives. For example, traders are nearly twice as likely as investors to view Bitcoin as merely a speculative asset. The impact of institutional-led mainstream adoption of Bitcoin and its related development will be key in shaping these narratives over time.