November 17 2025
Bitcoin, once an obscure technology used primarily by individuals purchasing illegal goods on the dark web, has now gained institutional acceptance that many never thought possible. From Wall Street giants like BlackRock to the U.S. government, the leading cryptocurrency is now more mainstream than ever. It’s even gotten to the point where you can buy citizens with Bitcoin.
Still, the question remains: why is Bitcoin still so difficult for some people to understand and accept? Leading figures in traditional finance, such as investor Warren Buffett and JPMorgan Chase CEO Jamie Dimon, have been vocal in their criticism of the digital currency. It seems that there will always be a segment of the population that remains closed to the potential of Bitcoin.
Speaking to Decrypt, Blockstream CEO and early Bitcoin pioneer Adam Back noted that even technical experts struggle to understand cryptocurrency. Back points out the confusing nature of the ongoing skepticism surrounding Bitcoin, playing on the fact that even cypherpunks—a group of people focused on privacy and cryptography—have shown little interest in Bitcoin in the past. It seems “crazy” that, with their knowledge of encryption and peer-to-peer networking, they haven’t gotten excited about Bitcoin’s potential.
Back, who emailed the mysterious Satoshi Nakamoto in 2008, suggests that Bitcoin’s digital nature may be why some people are still wary. “Some people are skeptical of something that’s not physical, but still exhibits scarcity,” Back said. However, he emphasizes that despite its intangible nature, Bitcoin is backed by tangible assets like energy and mining equipment.
Bitcoin is essentially a digital payment system and virtual currency, with a maximum of 21 million coins allowed into circulation. This strict limit is implemented using advanced cryptographic techniques, which is a major factor in the confidence that investors place in Bitcoin.
However, distrust from traditional financial leaders remains a hurdle. Dimon suggested in a 2023 interview that Bitcoin issuance wouldn’t necessarily stop at 21 million: “Everyone says it will stop, but how do you know?” He also called Bitcoin “a hyped-up fraud,” despite the fact that his own company uses the blockchain technology developed by Satoshi.
Bitcoin was originally developed as a response to global financial crises, with the first white paper published during the 2008 recession. Proponents now argue that Bitcoin can serve as a genuine hedge against inflation thanks to its scarcity.
Adam Back argues that those who profit from the current economic system may never understand the benefits of Bitcoin. “For people who are well off, the costs are apparently not too high, and they can afford mortgages,” Back notes. This creates a disconnect between the establishment and the more grassroots approach to Bitcoin and cryptocurrencies in general.
Why Are Some Investors Still Wary of Bitcoin?
Some investors have struggled to accept Bitcoin's digital nature, and trust issues are exacerbated by its notion of scarcity with no physical underlying asset.
What are the benefits of Bitcoin as an investment vehicle?
Bitcoin is often seen as an inflation hedge due to its limited issuance of 21 million coins, and it offers an alternative to traditional fiat currencies that are subject to inflation.
How is the traditional financial sector reacting to Bitcoin?
The traditional financial industry, represented by figures such as Jamie Dimon and Warren Buffett, has often criticized Bitcoin, labeling it as a “mortgage” scam, despite the fact that it also leverages blockchain technology.
In conclusion, despite Bitcoin’s increasing mainstream acceptance, significant challenges and skepticism remain, especially among established financial authorities and even within technical communities. Bitcoin’s potential as an innovative financial instrument may require even more to prove itself broadly in the eyes of all involved.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
