This post 10 Major Predictions for Cryptocurrencies appeared first on Daily Reckoning.
The mainstream media basically “brainwashed” most Americans into thinking bitcoin was a scam.
Don’t expect the mainstream media to show you how to make a fortune from new tech trends, including digital currencies. They’re always late to the party.
In 1994, for example, the morning show NBC’s Today had a segment where one of the anchors asked, “What is the internet, anyway?”
In June 1998, mainstream economist Paul Krugman predicted the internet’s impact on the economy would be no greater than the fax machine.
I could go on and on.
But while the establishment was dismissing the technology as a fad, early adopters like myself were heavily investing in it and making fortunes.
The same thing is happening with cryptocurrencies.
Capitalism is 100% about innovation. The famous invisible hand has been written about since the 1700s. It guides capitalism through all the ups and downs of the economy, through depressions, recessions, wars, and so on.
Innovation might slow down for a few years here and there but nothing stops it. Nothing stopped the Internet from happening. Recessions didn’t stop it. The depression, if you count 2008 and 2009, didn’t stop it.
The housing bust, two wars, and many military interactions didn’t stop it. Even though markets fluctuated enormously, nothing could stop these two trillion-dollar mega trends of the Internet and mobile.
We live in a word where all the large institutional structures that supposedly supplied “safety” to the individual are slowly disintegrating.
No longer can we rely on the old paradigms (“school”, “corporations”, “government”, etc) to provide the safety and success we deserve.
So the way to deal with scary markets is to trust capitalism. It has been a success for hundreds of years, even if individual governments or entire stock markets haven’t always been. So if you want to avoid riding over the cliff in the bad economy, you must go into innovation economy.
And cryptocurrencies are a major part of the innovation economy.
I’ve been actively involved in investing in cryptocurrencies since 2013 (I sold my book, “Choose Yourself” in a bitcoin-only store I created a month before I released it on Amazon).
So I’ve no newcomer to the crypto craze.
I’ll admit. At first I thought bitcoin was a fad because I kept seeing daytraders gamble and lose money on it. Daytraders should not be daytrading bitcoins.
But after extensive conversations with a friend of mine, Naval Ravikant, the founder of AngelList, he convinced me that bitcoin is, in fact, a game-changer.
Why? It is not dependent on any one institution or person to bless its success. And it solves many problems today’s dominant institutions can’t solve, or don’t want to solve.
My friend convinced me (along with my own subsequent research) that bitcoin has many features that make it attractive not only as a potential future currency but as a replacement for all contract law, for example.
The cryptocurrency ethereum, and its native token, ether, are better suited to provide a cheap and easy way to escrow funds in the form …read more
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