Part 2/7:
The journey begins with denial. For the first three years after Bitcoin's inception, many mainstream observers dismissed it as a fleeting curiosity. Andreas notes, "This is a silly technology that cannot possibly work. Bitcoin will be dead soon." During this initial stage, skepticism prevails, and efforts are made to dismiss or downplay the significance of the technology. Institutions and regulators, in particular, often viewed Bitcoin as a trivial or underground phenomenon unlikely to challenge the established order.