Just like most people thought the plane, cars, and everything that was technologically advanced (at the time) would fail — they were wrong. The same was with the author of this book. He was convinced that Bitcoin would fail when it debut almost a decade ago.
Somewhere on the internet is him railing against Bitcoin and it becoming the “next big thing” because he was a skeptical trader.
Boy, was he wrong!
“Since those unenlightened days, I’ve come to realize that bitcoin — and the blockchain beneath it — is a technological advancement that has the potential to revolutionize financial services the same way email did to the post office.
If we look at an even more micro scale, everything is being replaced. Toys R’ Us collapsed after selling everything to Amazon. Blockbuster and other stores in respective countries had thrown in the towel to Netflix (which was another very skeptical app when it first launched). Don’t you just seeing the changes?
The beauty of this book is that it it’s going to take you and I on a journey from the beginning of bitcoin’s perception in the ashes of the Great Financial Crisis (2008) to its role as a diversifier in a traditional investment portfolio.
Valuing cryptoassets is done unlike traditional investments; they typically do not have revenue or cash flows and thus present a conundrum for those evaluating their merits. One of the most fascinating outcomes of the blockchain revolution is how cryptoassets are disrupting the disruptors.
Never before have we seen any technology that’s as disruptive as blockchain and bitcoin. Early in the year, Gates and Buffet took to the stand and berated how terrible Bitcoin was. His argument was “if you buy a stake in real estate, a home, etc…that’s hard. It’s real. You can touch it. Bitcoin you can’t touch.”
When the author first started working in Wall Street, the Internet was something on a computer at the end of the trading desk. Amazon, eBay, and Google did not exist — but within five years, these companies had changed the world.
He also went on to say that you would never see a once-in-a-generation type of investment opportunity like the internet, but then came blockchain, which will soon be one of the most important innovations in the history of finance.
It is changing the way we transact, distribute capital, and organize our companies. If you’re like me and missed investing in the Internet, take advance of this, which is the biggest investment since the internet.
Books, TV shows, and movies have been making futuristic predictions for decades, many of which were originally considered absurd. Star Trek featured several that proved to be not so outlandish: the indispensable handheld communicators have become today’s smartphones, the personal access display device is now our tablet, and a universal translator exists, of which there are several apps to choose. In three short decades between now and the twenty-first century, million of ordinary, psychologically normal people will face an abrupt collision with the future.” – Author of the book.
I’ll leave you with that for this weekend, just so you have the opportunity to leave your mouth watering for more.