Experts’ opinions on crypto range from a conviction that cryptocurrencies are absolutely useless or they will transform society and lead us to a bright and just future. Charlie Munger, one of the smartest financial intellects of our time, once stated that Bitcoin is “worthless artificial gold.”
No one knows for sure what will happen in the future, but history allows making certain parallels and predictions.
Think out of the box
The world is constantly changing, new, better ways to fulfill the job and achieve your goals are emerging. It is thanks to progress that humanity has reached modern levels. Some people are able to spot the next wave of innovation and take advantage of it. Others continue to live in the past and lose sight of opportunities.
John Rockefeller was a shrewd thinker. He destroyed old ways of doing business and invented new ones. They ultimately turned him into the richest American in history. Rockefeller’s ability to destroy the old and create the new allowed him to control 90% of the US oil industry, along the way, earning a fortune in excess of 367 billion in modern dollars.
Henry Ford founded the extremely profitable Food Motor Company, revolutionized transportation and made cars available to everyone. Many then believed that only the rich could afford cars, and did not believe the engineer. However, in 17 years (from 1903 to 1920), Ford Motor sold over 1 million vehicles, making Ford and his supporters incredibly wealthy. The days of horseback riding were over, and investors who had seen the potential of the new technology became millionaires. Unsurprisingly, in today’s dollars, Ford’s fortune was estimated to be more than $ 200 billion at the time of his death.
More recently, the boom of Internet companies has turned many into millionaires. I remember talks about whether the internet is a temporary or constant event in our lives. Now the answer to this question seems obvious; then, most people simply did not know what to do and chose not to risk it. However, everything did not happen overnight. It took several years to develop the technology. As history shows, many have missed this opportunity. Bill Gates took advantage of it, and in 1999 his fortune exceeded $ 101 billion (144 billion in current prices).
History repeats itself
Similar parallels can be drawn between the cryptocurrency space and how the world has evolved in the past. It all gets down to innovation and adoption – both of which are rapidly evolving in the cryptocurrency world. But don’t think that the time has already gone. At the moment, there are about 25 million bitcoin wallets registered, and the world’s population exceeds 7.6 billion people. In other words, only 0.3% of people own cryptocurrencies, and major changes are yet to come.
When it comes to technology, things can change quickly. In five years’ time, we will not recognize our life. You can either observe the ongoing processes from the outside, or take direct part in them. Think about Maurice Clarke. He was quite a successful businessman, but he could have made thousands of times more if he had lasted a couple more years. The revolution is happening again, right now. There is still time to become a part of it. However, this does not mean that it is enough to buy any cryptocurrency and wait.
Many projects will cease to exist (probably even the vast majority of them), so the key to success is to create a diversified portfolio of promising
cryptocurrencies. Ask yourself if in 10 years you want to be the person who missed their chance or (worse) sold everything too early? Or do you want to be the person who managed to weather the storm and take advantage of one of the rarest opportunities in life?