We were warned against cryptocurrency trading
It took decades for the telephone to reach 50% of households, beginning before 1900. It took five years or less for cellphones to accomplish the same penetration in 1990. – The Pace of Technology Adoption is Speeding Up by Rita Gunther McGrath
Those who are stuck in the altcoin mud as Bitcoin goes on another highly volatile tear can’t say they weren’t warned. Yes, we know the market is premature and that institutional brokers are sitting on the sidelines waiting for prices to normalize before flinging their clients’ cash into the fray. It’s Smart Money vs. Willful Pride.
Waiting for this normalization period with sunken hearts, we’re told every day (if not every five minutes) that it’s early in the game. We’re the early adopters who will reap the greatest rewards and rocket to Mars. In the meantime, we’re absolutely prepared to take a cheap shot, a blow to the head and a jab in the eye, because our sights are set on 1,000% gains.
But the reality is that some of us will not be able to hang in long enough. Watching portfolios plunge on the regular invigorates deep fears that we are the worst shade of gullible. Better to retreat to the stock market, IRAs, bonds and credit unions. We should cultivate our part-time jobs and clip more coupons. We should stop believing that we’re helping to usher in a new normal.
Then there are the brazen, those of us who will scoff and adapt and grow and outsmart. And we’ll keep going, keeping two factors in mind: the history of new inventions and the accelerating adoption rate of new technologies.