Tuesday, 20 August 2019

What took Amazon 17 years, bitcoin did in 7

When Jeff Bezos founded Amazon in his garage in 1994, the internet was just getting started.
By 2011 – 17 years later – Amazon had become a US$100 billion market cap behemoth.

Over the years, Amazon had a lot of critics. Many investors didn’t believe Amazon would ever turn a profit.

Earlier this year, Warren Buffet said he “missed it entirely” and admitted that he “was too dumb to realize what was going to happen.”

Now, I’m not picking on one of history’s greatest investors here.

But it goes to show that even the most successful investors are often oblivious to some of the most exciting opportunities.

And in many ways, Amazon’s early days are similar to bitcoin and cryptocurrencies today.

In the seven years since bitcoin started trading in 2010, its price has skyrocketed from US$0.003 to US$6,064 last week.

And bitcoin’s total market value recently hit US$100 billion – a milestone that took Amazon 17 years to hit.

But just like with Amazon, there are still plenty of naysayers who write off bitcoin and cryptocurrencies as frauds.

Yet cryptocurrencies today are as real as Amazon was in 2011. And just like Amazon, they’ll continue to rise in value.

No one wants to be the guy who “missed it entirely”.

I don’t know about you, but I’d far prefer to understand it… and profit from it.

source: stansberrychurchouse.com
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