Why Do Many People Still Not Believe in Bitcoin Despite Its Rise?

While Bitcoin was once considered a mysterious technology preferred only by those wanting to purchase illegal goods on the dark web, today it has caught the attention of many institutional investors, from Wall Street giants to the U.S. government. Despite all these developments, skepticism towards BTC has not completely disappeared. Major influencers in the traditional finance sector, such as JPMorgan Chase CEO Jamie Dimon and investment legend Warren Buffett, continue to criticize Bitcoin. Adam Back, one of the pioneers in the cryptocurrency world and the CEO of Blockstream, assessed this situation in an interview and stated that the skepticism surrounding Bitcoin is not limited to the financial community, but even some names in the tech world are struggling to understand Bitcoin. We would also like to reiterate that there are some claims that Adam Back is the founder of Bitcoin, Satoshi Nakamoto. However, Back has completely denied these claims. Back is the founder of the proof-of-work concept on which Bitcoin is based. "Even people who know things like encryption, peer-to-peer networks, privacy, and public key cryptography can still be indifferent. It’s surprising," Back said, describing the indifference of some early cypherpunk communities to Bitcoin as "madness." According to Back, the fact that Bitcoin is not a physical asset may cause some people to lose faith. However, Back believes that these criticisms are misplaced, as Bitcoin is based on physical resources such as energy and mining equipment. With a total of only 21 million units produced, Bitcoin's limited supply makes it a true hedge against inflation, according to many supporters. Even the code structure of Bitcoin can sometimes be a topic of controversy. In a statement made in 2023, JPMorgan CEO Jamie Dimon questioned, "Everyone says it's capped at 21 million, but how can you ensure that?" Dimon also described Bitcoin as "an inflated scam." However, it is also known that JPMorgan is actively using blockchain technology as the foundation for Bitcoin. It is worth recalling that Bitcoin was created after the global financial crisis of 2008 and its first block included a newspaper headline about bank bailouts during that period. Back stated that those satisfied with this system had difficulty understanding Bitcoin. Back said: "If you have a high-paying job, are advancing in your career, life doesn't seem expensive to you, and you can pay your mortgage; the promises of Bitcoin may not mean anything to you," adding that Bitcoin is essentially an alternative solution to the current order.