Bitcoin is valuable, but that doesn’t mean it’s universally loved.
Underlying Sentiment has taken a sharp dive alongside the price, with Consumer Happiness plunging below 60% positive on a 7-day moving average.
Much of the near-term decline can be attributed to frustrated investors but there are other reasons for non-holders to dislike BTC.
Notable detractions include:
- Environmental concerns relating to the energy inefficient Proof-of-Work blockchain
- “It’s a ponzi scheme”
- “$XYZ coin is better”
- The belief that it’s a conspiracy to destroy the dollar, created by [insert government]
Bitcoin has taken a bit of a PR hit in recent months, but if history repeats itself, rising prices will help to improve underlying Happiness.