But critics push back on this analogy. Gold has industrial uses, cultural significance, and thousands of years of history. Bitcoin has… math.

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Perhaps the most telling response to the adoption question was the collective refrain: “We’re early.”

This phrase, repeated throughout the thread, represents more than just optimism—it’s a fundamental belief that Bitcoin adoption follows a different trajectory than traditional currencies or payment systems.

“Adoption isn’t linear, it’s exponential!” one commenter declared. “We’re still early. And early always looks confusing. Until it’s obvious.”

The “early” narrative draws parallels to the internet’s adoption curve, credit card acceptance, or even gold’s historical role. Supporters argue that Bitcoin’s current 5% ownership rate is actually impressive for a 15-year-old technology challenging millennia-old monetary systems.

The most damning criticism in the thread came from users who see Bitcoin as pure speculation.

“Bitcoin, like all cryptocurrencies, is best understood as a collectible asset,” wrote one skeptic. “Its value is not tied to any underlying cash flows… What gives it value is belief and shared conviction that it’s scarce, desirable, and that someone else in the future will likely pay more for it.”

This perspective frames Bitcoin not as a currency or even a store of value, but as a digital collectible whose worth depends entirely on the greater fool theory—the hope that someone else will pay more for it later.

Even some Bitcoin supporters acknowledged this tension. “I still have yet to meet or see someone pay with bitcoin. It’s always from an investment perspective,” one user admitted.

The discussion revealed an uncomfortable truth: Bitcoin’s current infrastructure doesn’t support widespread adoption as a currency. At roughly 3 transactions per second, the network would allow each person on Earth to make one Bitcoin transaction every 3.5 years.

“In its current state, everyday purchases with bitcoin is akin to going to a secure bank vault just to withdraw 5 dollars for a coffee,” one user noted.

Layer 2 solutions like the Lightning Network are supposed to address these scaling issues, but they remain largely theoretical for most users.

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The Reddit debate reveals three key insights for anyone considering Bitcoin:

1. Bitcoin’s Value Proposition Is Evolving Whether you see this as a natural evolution or a betrayal of Bitcoin’s original vision depends on your perspective. But the market has clearly spoken: Bitcoin’s store-of-value narrative has driven more adoption than its payment utility.

2. The 5% Problem Might Be the Point If Bitcoin succeeds as “digital gold,” it doesn’t need universal adoption. Gold’s monetary role historically came from scarcity, not ubiquity. The same logic could apply to Bitcoin.

3. The Speculation vs. Utility Debate Isn’t Settled Bitcoin’s future depends on whether it can develop genuine utility beyond speculation. The next few years will determine whether Bitcoin becomes a lasting store of value or just an expensive lesson in collective delusion.

The “5% problem” isn’t actually a problem—it’s a feature. Bitcoin’s limited adoption might be exactly what gives it value in a world of infinite money printing.

But that doesn’t mean Bitcoin is risk-free. As one commenter noted: “Its value is 95% speculation so 5% seems about right.”

For investors, the question isn’t whether Bitcoin will achieve universal adoption as a currency. The question is whether 5% of the population believing in Bitcoin’s scarcity narrative is enough to sustain and grow its value over time.

The Reddit debate suggests that for now, the answer is yes. Whether that remains true as central banks develop digital currencies and traditional financial systems adapt remains to be seen.

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This article Bitcoin’s 5% Problem: Why Most People Still Don’t Own Crypto—And What That Means for Its Future originally appeared on Benzinga.com