Crypto Revolutionary Evolution?
Crypto Revolutionary Evolution?
The world is becoming digital, we see it in many aspects of business and everyday life, many have been skeptical about the internet revolution as a whole when search engine conferences were a thing. At this moment in time, we can’t imagine life without the internet and tools/services built for it. Right now we’re at a brink of another digital revolution, one which was described as so significant as “the invention of agriculture” by John Mcafee back in 2017, let’s look at some of the examples of well-respected people in the financial space who completely changed their opinions about digital assets like bitcoin in the past year or so.
Marc Faber is a 73-year-old legendary investor best known for predicting the 1987 stock market crash. He has also been bearish on Bitcoin and all other cryptocurrencies, but that has changed. In an interview earlier this year, Faber disclosed that he bought Bitcoin for the first time during the month of February 2019. This revelation has a number of key details:
The most bullish statement that Faber made was that “It’s not certain, but possible, that Bitcoin will be the standard for money transfers.”
I understand why so many people are skeptical of Bitcoin when they first hear about it. The differences aren’t just obvious, but they are also uncomfortably severe in comparison to fiat currency like the US dollar, Euro, etc.
To believe in Bitcoin, you have to break the mental framework of physical money, government-backed money, and inflationary design. This is a big leap for many people who have been brought up with a firm belief in hard cash and banks.
This evolution of thought allows an intelligent investor the freedom to slowly buy into each aspect of Bitcoin’s value proposition over time. They don’t need to believe everything at once. In fact, first, they need to simply understand what Bitcoin is. Then they need to agree that one aspect of Bitcoin is valuable or superior to a fiat currency. Eventually, they see enough potential value in the opportunity to purchase Bitcoin, that they pull the trigger and make the investment.
This appears to be the path that Marc Faber took, but it also looks like Niall Ferguson, the renowned economist has recently taken a similar journey. In a speech earlier this year, Ferguson said that he had been wrong about Bitcoin being a “complete delusion.” He went on to elaborate that his teenage son told him to buy Bitcoin in 2014 and the “worst investment decision of my life” was not listening to him.
“If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45 — or, if you prefer, I’d have made a return on the investment of 4,436%. The moral of the story is clear: when it comes to technology, pay heed to teenagers.”
These are interesting comments from someone who just two years ago was totally against the cryptocurrency. The lesson here is that whether someone is a legendary investor or a renowned economist, everyone needs to be given the time and space to go on their own journey to discover the features and benefits Bitcoin can provide to the world.
Slowly, but surely, the decentralized digital currency is converting everyone, including it’s most severe haters. Remember, those with the lowest time preference will have the greatest advantage as Bitcoin continues to gain strength against other currencies, accumulate more users, and continue to fight off the constant attacks.
Marc Faber is in the game. Niall Ferguson is too. I just can’t wait to see who the next big name will be!