According to PANews, a recent CoinGecko survey conducted between August 22 and September 11, 2025, analyzed responses from 2,549 cryptocurrency participants. The survey aimed to understand prevailing narratives about Bitcoin.
The findings revealed that 58.1% of respondents view Bitcoin as 'digital gold,' a concept that has gained popularity due to Bitcoin's scarcity, with a capped supply of 21 million coins. This narrative has been reinforced by Bitcoin's price appreciation and its perceived value as a store of wealth.
In contrast, only 14.9% of participants adhere to Bitcoin's original vision as peer-to-peer (P2P) cash, as outlined by its creator, Satoshi Nakamoto. Despite the initial emphasis on Bitcoin as a medium of exchange, this narrative has been overshadowed by more comprehensible frameworks and other blockchain-based payment solutions.
Additionally, 17.1% of respondents consider Bitcoin as a bet on the broader crypto industry and blockchain technology. This perspective slightly surpasses the P2P cash narrative, indicating a view of Bitcoin as a representative investment or trading asset.
Meanwhile, only 9.9% of participants regard Bitcoin as a speculative high-risk asset. This suggests that a notable portion still perceives Bitcoin as a high-risk, high-reward investment, possibly due to concerns about potential devaluation.
The survey also highlighted differences in perspectives among various groups within the crypto community. Investors are more inclined to believe in the 'digital gold' narrative, with 64.4% of them supporting this view. In contrast, traders (47.9%) and builders (45.6%) are less convinced.
Traders and builders tend to favor other narratives. For instance, traders are nearly twice as likely as investors to view Bitcoin as merely a speculative asset.
The impact of institutional-led mainstream adoption of Bitcoin and Bitcoin-based development efforts on these narratives remains to be seen in the coming years.
