The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
There is already a very high adoption imo.
People are selling their life savings to buy bitcoins.
We have bitcoin etfs all over the world
Basically everyone in the world know what is bitcoin
There is something I call the internet cycle. I am not quite sure if it's a real term, but I will explain what it means to me. The internet cycle is essentially having the same number of users who see and use the same information on the internet, making it feel as if the entire world is also part of it. The Bitcoin community is indeed very large, but the information we encounter on the internet daily has led to the mindset that a large percentage of the world's population is into Bitcoin or has at least heard of it, which is not the case.
Regarding ETFs, you mentioned, "People are selling their life savings to buy bitcoins," which is very true. However, considering this, it also implies that not everyone is buying into Bitcoin because I fail to see how the common masses would sell their life savings to acquire a digital currency. Those who are very influential and popular are engaging in mass buying, so what's happening to those who are struggling to survive and represent a significant portion of the world's population?
Are we now saying that Bitcoin is meant for the wealthy?.
Answer to the first question is definitely a yes, this is if we remove every sentiments and try to be blunt and honest with our answers, and my answer to this question is based on personal experience.
I have 3 good friends who are really close to me, they love bitcoin, they love cryptocurrency and are interested to start investing in it, trading it, and even joining forums like this and discussing cryptocurrencies with other crypto lovers, but unfortunately, the challenge have been that, they are not educated, can't read nor right even an average English, how can such a person join in discussions on forum like this?
So, their lack of education have been a barrier that stops them from entering the cryptocurrency space, now imagine we have a lot of such people around the world, this will definitely affect bitcoin's adoption because, anyone using bitcoin has to know to read atleast, and I believe this also have answered the second question as well, bitcoin adoption will be very difficult is half of the world is uneducated.
Exactly. I hate to use the word "illiteracy" for humans, but this is just the plain truth. It seems some users don't understand the level of illiteracy that still exist in this 21st century.
Just imagine this guy's comment below, he didn't even explain how these illiterate can spell the word
Bitcoin on YouTube.
maybe because some people who don't understand technology will definitely be hesitant to jump in and also because those who don't have IT knowledge will definitely rely on DYOR. YouTube and other media are always there for tutorials so that's important for those who want to put in the effort
I still don't understand how an illiterate could type the word
Bitcoin on a YouTube search space. Please explain.
Right, Bitcoin has already reached the peak of popularity all over the world and the popularity of Bitcoin is increasing day by day. I think those who think that Bitcoin has not reached the peak of popularity are still wrong. There was a time when people were not very interested in investing in Bitcoin but now people are showing a lot of interest in Bitcoin investment due to the high popularity of Bitcoin. Again there will come a time when it will not be possible for ordinary people to invest in this Bitcoin. Because prices can move to positions where only whales can invest, it may not be possible for ordinary people. However, there is nothing new to tell anyone about Bitcoin, Bitcoin will continue to run at its own pace.
If we are to call this current progress
Bitcoin peak , then i don't think Bitcoin's adoption would be necessary, though i can agree to the fact that it is quite popular. If you check my first reply in this same comment, I explained how this popularity works. There are lots of work to be done since we don't know the fate of those who are not literate.