American Consequences - January 2019

2019

PREP

I can't name names...

but this fall, I was at a conference with a high-profile crypto developer. When I asked him about cryptocurrency prices, his posture changed and his voice dropped half an octave. “I don’t even look at that stuff anymore. I can’t. It’s too painful.” Another friend confided that he locked himself in a room to cry. Several others sold everything... every last token and coin they’d ever owned. Last year’s sell-off was so brutal it did more than hurt people’s finances. It bruised their egos. It made them question why they’d bought crypto at all. Now, they’re selling... but I’m buying.

I bought more crypto in 2018 than I did in the previous three years combined. That’s because this story is far from over. Years from now, people will look back on 2018 as the before-and-after point in the cryptocurrency markets. I believe the price of bitcoin will reprice at around five to 10 times its current level this year. All those so-called “fanatics” who’ve been predicting bitcoin values as high as $40,000, $500,000, even $1 million... they’ll stop sounding so crazy. The bruised egos will heal. And they’ll buy back in. But first, something very important is going to happen. FIXING BITCOIN’S FIRST FATAL FLAW Bitcoin seemed like a great idea when it first came out. But it had a flaw all along... it’s almost impossible for the average investor to buy. It was never designed for mass adoption by regular people... It was designed for a small community of crypto geeks like me, who buy and sell computer memory cards as a hobby.

Editor’s Note Eric Wade makes a detailed and carefully reasoned argument for a “crypto comeback.” Is Eric right, or is crypto dead as a smelt? We at American Consequences  frankly don’t know. But we think what Eric has written is worth reading.

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January 2019

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