“The wake up call was finding this startling statistic that web usage in the spring of 1994 was growing at 2,300 percent a year. You know, things just don’t grow that fast. It’s highly unusual, and that started me about thinking, “What kind of business plan might make sense in the context of that growth?” –Jeff Bezos, Founder, Chairman, and CEO of Amazon.com
Amazon.com’s market capital today is $535 billion (at the time of writing) and is one of the most successful dot-com and online retail that was born during the “early stage” of Internet. When nobody believed in the Internet, Jeff Bezos was busy in his garage preparing for the launch of Amazon with a help of other people. Statistically, Jeff was sold to the fact the web usage increased to an alarming rate of 2,300 percent a year.
Today, we are seeing that same trend in the Blockchain space. It took nine years for the total market capital of cryptocurrencies to get to $100 billion, and it only took five months to get to $200 billion. If Jeff Bezos would come out and speak about the blockchain technology, I think, it is safe to say, that he would describe it as one of the “wake up call” he experienced back in the early days of Internet. Why do I say that? Jeff launched himself into the unknown, and followed his guts, and simply based on statistics. Similar to Jeff, I also plunged myself into the unknown, but in cryptocurencies, simply because my gut tells me to, and also simply because of statistics. Hey, we just jumped from $100 billion to $200 billion in FIVE FREAKING MONTHS. How much statistics data do you need?
Blockchain technology has been around for nine years since Satoshi Nakamoto (a pseudonym of a person, or group, of which founded Bitcoin) released the whitepaper through cyperphunk’s mailing list. Bitcoin is known for the most secured blockchain network and as a store of value. While bitcoin is referred to as the gold of cryptocurrencies, Ethereum is slowly getting the attention of most tech giant companies, institution, banks, and government. Personally, I think Ethereum is the platinum of cryptocurrencies. Technology-wise, Ethereum network is far superior than Bitcoin, while that may be true, Ethereum has a long way to go before it is ready for mass adoption.
I’ve been in this space since late 2012, it’s when I purchased my first bitcoins and diversified them into altcoins, while keeping a modest amount of bitcoins . I’ve also participated in Ethereum pre-sale tokens. I was already an established investor when I read about Ethereum for the first time, I had my skepticism just like many have had theirs with bitcoin and internet during the early stage of development. But my “wake up call” experience did not come until large banks/tech giants in the United States and European countries have started inquiring about the technology of Ethereum.
It is then I knew that blockchain is here to stay. It is then I knew the importance of blockchain technology. This is my wake up call, and, you might ask, what am I doing about it? Unlike Jeff Bezos, I am not starting an online retail layered with blockchain technology and smart contracts. Instead, as a non-technical person, I opted in to invest in tokenized blockchain projects. Yes, I am invested in cryptocurrencies, mostly in erc20 tokens, which are projects that will be built in the Ethereum network).
It took nine years for cryptocurrencies’ market capital to get to $100 billion.
It took less than five months to get to $200 billion.
How long do you think it will take for the market capital to get to $600 billion, beating Amazon.com?
I’m predicting $600 billion beating amazon’s market cap in less than a year. Yes, I am bullish. I am bullish about blockchain technology. Blockchain technology is still early at this stage, we haven’t seen any of the ICOs released their products. Most are just lines of codes, and few are still in beta stages. Most projects are set release next year. We’re talking about Ethereum ecosystem with actual working products. Look at your portfolio and multiply that by x3 that is the worst thing that can happen to you if you hodl. Best thing? 100x your current net worth if you’re hodling the right crypto.
Cryptocurrencies investments are not for everyone. Many have suffered financial loss due to the volatility of the market. Others have lost money through scammed ICOs, bad ICOs, fraud, hacking, theft, and even from user’s error by simply sending to the wrong address or misplacing private keys/wallets. Vitalik Buterin, founder of Ethereum, have stated that “90% of ICOs will fail”. The market has been saturated with bad ICOs/projects. Multiple arrests have been made due to scam/fraud/ICOs non-compliant with government’s regulation. But this can also happen outside blockchain and cryptocurrencies’ space.
Recently, Jawbone, a fitness tracking wrist band device, and a promising Silicon Valley startup, has been confirmed dead this year. It was funded with over $900 million from traditional investors and was valuated over $3.2 billion in 2014 at its peak. What went wrong? You’re telling me, Silicon Valley produced a bad product, where Google, Facebook, Snapchat, YouTube, and twitter were made? Yes, this can happen, its an investment, investing into something does not guarantee returns/profits. Investing is taking a huge risks, despite due diligence.
The Alarming Rate Of Large Banks / Tech Giants Adapting Blockchain Technology Is My Wake Up Call was originally published in wespostdotcom on Medium, where people are continuing the conversation by highlighting and responding to this story.