Author: Coingecko
Compiled by: Felix, PANews
This study analyzes the responses of 2,549 cryptocurrency participants in an anonymous CoinGecko Bitcoin survey conducted from August 22 to September 11, 2025. The results are for reference only.
58.1% of respondents indicated that Bitcoin is digital gold, making it the most popular ideological narrative to date. Since the early days of Bitcoin, there has been a view of Bitcoin as similar to gold, serving as a store of value, which stems from its scarcity design with a maximum supply of 21 million. Since then, the idea that "Bitcoin is digital gold" has spread widely, further reinforced by its intrinsic appeal, the rise in Bitcoin's price, the "Lindy effect" (Note: This refers to the idea that for things that are not likely to naturally disappear, such as a technology or an idea, their expected lifespan is proportional to the time they have already existed), and its limited programmability.
On the other hand, only 14.9% of participants still adhere to Satoshi Nakamoto's original vision of Bitcoin as a peer-to-peer (P2P) cash system. The title of Nakamoto's white paper is "Bitcoin: A Peer-to-Peer Electronic Cash System," and subsequent statements have repeatedly emphasized the idea of using Bitcoin as a medium of exchange. However, with the emergence of more easily understandable frameworks and other blockchain-based payment solutions, this narrative has been overshadowed.
Additionally, 17.1% of respondents believe that Bitcoin is a bet on the overall cryptocurrency industry and blockchain technology. This is the second most popular narrative, with slightly more participants believing that Bitcoin represents a broader investment or trading asset compared to Nakamoto's P2P cash vision.
Meanwhile, the view that Bitcoin is a highly speculative and risky asset is only supported by 9.9% of respondents. Nevertheless, this indicates that a considerable portion of people still considers Bitcoin to be a high-risk, high-reward asset, possibly because these respondents believe there is a significant chance of Bitcoin depreciating sharply.
Unsurprisingly, among the crypto community, participants who identify as investors are more inclined to believe in the narrative that "Bitcoin is digital gold" (64.4% of surveyed investors), while traders (47.9%) or builders (45.6%) do not share this view as strongly.
In contrast, traders and builders are more likely to believe in the other three ideological narratives. For example, the proportion of traders who view Bitcoin merely as a speculative asset is nearly double that of investors.
It remains to be seen how institutional-led mainstream adoption of Bitcoin and efforts based on Bitcoin will affect the popularity of its ideologies in the coming years.
Related reading: Reassessing Bitcoin - Not Just "Digital Gold"
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