“What is Bitcoin for you?
At this point in time, from your personal point of view.”
A total of 151 people voted
(Telegram 132 votes, LinkedIn 11 votes, Twitter 8 votes).
Here are the answers with the most votes (descending order):
Store of Value (SoV): 47x = 31%
Speculation: 23x = 16%
All 3 money functions: 14x = 9%
2 of the 3 money functions: 14x = 9%
Bullshit: 9x = 6%
Medium of Exchange (MoE): 5x = 3%
Something else: 5x = 3%
[Show results (telegram): 34x = 23%]
Consequently, most participants (almost 1/3) currently consider the Store of Value (SoV), i.e. the value retention function of Bitcoin, to be already fulfilled.
For almost every 5th (18%), 2 or even all 3 of the money functions are fulfilled.
As speculation, 16% of those surveyed feel Bitcoin.
As Bullshit 6% of the participants call the crypto currency.
The remaining answers are negligible.
If one would calculate the 34 voices (23%) for “showing results” (on telegram) out, then even 40% perceive Bitcoin as SoV. Each 4th (24%) considers already 2 or even all 3 of the money functions as fulfilled.
The result is comprehensible. The store of value function can be regarded as fulfilled, since Bitcoin is not inflationary invested contrary to the Fiat money with a Hardcap of 21 million. If one regards the price development of Bitcoin over the last decade, then a completely clear ascending trend is to be recognized and thus profits for Bitcoiner gained, which go even beyond a storage of value.
Some already use Bitcoin as a medium of exchange, but this is currently still in a comparatively negligible proportion. This may change, however, especially after the announcement by PayPal that the company will enable the purchase/sale and especially the payment with crypto currencies like Bitcoin. With over 345 million users, this offers Bitcoin an entry into the mass market.
Theoretically one can regard Bitcoin with its subunit Satoshi as Unit of account. It is possible to use Bitcoin as a unit of account and to measure various things like goods/services/assets etc. in Bitcoin. However, since currently very few people actually use Bitcoin as a unit of account, but mostly convert it into USD/EUR, this monetary function is not yet fulfilled. Many see Bitcoin as an object of speculation and this is definitely not wrong. The volatility of Bitcoin is still extremely high. In 2020, the Bitcoin exchange rate, measured in USD, fell from $7,000 at the beginning of the year to $5,000 in March and has since then shown a strong upward trend to just under $13,000 today. This is a price increase of well over 100% within just one year. How the share price will develop in the future is uncertain. Further price increases can theoretically be regarded as speculation. However, if more and more people recognize Bitcoin as a Store of Value and pay for everyday things with Bitcoin, for example via PayPal, Bitcoin can be seen as money by fulfilling all three monetary functions.