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06 March 2021

What will it take for Bitcoin to shake off its image problem? - Decrypt

What will it take for Bitcoin to shake off its image problem? - Decrypt

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Over four-fifths of the respondents said they would never hold it as a corporate asset because it is just too volatile—and their concerns appear to have been borne out by recent wild price swings that have seen Bitcoin hit anall-time highof $58,000 beforeplummeting by $10,000 on Mondayin the largest one-day price drop in its history.  .

But one thing that is more readily addressable is the regulatory uncertainty surrounding Bitcoin, which is tied up intrinsically with public perception.

Last week, Piplsay, a global consumer research platform,surveyed 6,070 Britonsabout their attitudes to cryptocurrencies and found that 29% of them fear hacking or fraudulent activities, while 26% are concerned about the lack of regulations and laws with regards to cryptocurrency.

Bartlett said that the crypto industry has changed markedly since he first began researching Bitcoin.

“Now I think the big risk to people is getting sucked into putting all their money into Bitcoin wannabes like OneCoin, and losing their money because they think they're going to strike gold really quickly,” he said.

But some countries have spotted an opportunity.

He added that the regulations the GFSC came up with are continuously evolving—in line with the rapidly developing digital asset sector, and are based on sound financial principles, such as corporate governance, due diligence, and possession of sufficient market capital. .

“We were petrified of the reputational damage that they could cause us,” said Isola, explaining that, with enormous sums of money at stake, there was no way to monitor the process and outcome.

The problem is that countries have inconsistent regulations, and it’s hard to chase crime across borders.

“Ordinary people don't really know that, they don’t understand how it works,” said Bartlett.

“There's a lot of people now that are hearing about Bitcoin for the first time, and just want a piece of the action and have no clue what they're doing.”

The figure may yet increase, according to the startup, and ransomware is still a big problem, but 0.34% is tiny and retorts headlines that scream that Bitcoin is all about cybercrime. 

The fact that Bitcoin transactions are untraceable is one of the great misconceptions surrounding the cryptocurrency

There is one industry that could offer a quick fix for Bitcoin’s image issues: the multi-billion-dollar branding industry.Studies on brand reputationhave estimated that up to 80% of market value comes from hard-to-assess intangible assets such as brand equity, intellectual capital, and goodwill

While Bitcoin is a decentralized financial construct with no company board or official entity behind it, there is still a great deal that can be done to improve its image, according to Edmondson. 

For financial institutions, he explained that the objective should be to inspire trust and warmth, but “the semiotics behind the Bitcoin image resembles board game graphics such as Monopoly, and when we play this game it doesn’t really matter if we go bankrupt!”

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