Survey Reveals Majority See Bitcoin (BTC) as Digital Gold, Not P2P Cash

Bitcoin’s ideological landscape continues to evolve, with a recent CoinGecko survey indicating that a significant portion of the crypto community sees Bitcoin (BTC) as digital gold rather than a medium for peer-to-peer transactions. The survey, conducted between August 22 and September 11, 2025, revealed that 58.1% of participants believe Bitcoin serves as a digital store of value, similar to gold.

Bitcoin as Digital Gold

The concept of Bitcoin as digital gold has been prevalent since its inception, driven by Bitcoin’s scarcity and capped supply of 21 million coins. This narrative has gained traction over the years, bolstered by Bitcoin’s price growth and the Lindy effect, which suggests that the longer a technology survives, the more likely it is to continue doing so. The limited programming capacity of Bitcoin also supports its image as a stable store of value.

Decline of P2P Cash Vision

In contrast, only 14.9% of survey respondents still adhere to Satoshi Nakamoto’s original vision for Bitcoin as a peer-to-peer (P2P) cash system. Satoshi’s whitepaper, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” laid the groundwork for Bitcoin’s use as a medium of exchange. However, this vision has been overshadowed by the emergence of simpler interpretations and alternative blockchain-based payment solutions.

Other Ideological Perspectives

Another 17.1% of participants view Bitcoin as a bet on the broader cryptocurrency and blockchain industry, ranking it as the second most popular narrative. Additionally, 9.9% of respondents consider Bitcoin a speculative high-risk asset, highlighting a minority who anticipate significant price volatility.

Investor Perspectives

Investor sentiment further underscores the dominance of the digital gold narrative. Among investors, 64.4% favor this ideology, compared to 47.9% of traders and 45.6% of builders. Traders, however, are more inclined to see Bitcoin as a speculative asset, reflecting their short-term focus on price movements.

Survey Methodology and Demographics

The survey captured insights from 2,549 crypto participants. Of these, 68% identified as investors, 20% as traders, 7% as builders, and 5% as spectators. The majority hailed from Europe (31%), Asia (26%), and North America (22%). Participants’ experience in the crypto space varied, with 38% in their first cycle (0 to 3 years), 41% in their second (4 to 7 years), and 21% as veterans (8+ years).

This study provides a snapshot of current ideological trends in the Bitcoin community but should not be considered financial advice. For more detailed insights, refer to the original publication on CoinGecko.

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