The financial news is buzzing with Bitcoin. Even mainstream media outlets have Bitcoin front and center. From world leaders discussing cryptocurrency at the World Economic Forum in Davos to speculators on Wall Street to millennials seduced by the possibility of making a buck (or a million) overnight, Bitcoin is all the rage. For me, this is where it all began, and this is my Bitcoin purchase journey.
Step 1:
I couldn’t help but ask – what’s all the fuss about? I had to find out for myself because maybe, just maybe, I could get rich overnight too. So, I dove head-first into researching the world of Bitcoin.
I started by watching CNBC as I recovered from a case of the flu. Simultaneously, I researched the details online by scouring various financial websites and reading the financial news, reports and blogs.
Step 2:
Initially, I was horrified to find that Bitcoin tanked from around $19,000 at the beginning of December 2017 to just under $8,500 as I’m writing this. That’s an insane loss of over 55% in only 5 ½ months. Volatility is through the roof, to say the least.
To make matters worse in some sense, today the cryptocurrency has no utility. It has the exact characteristics of the Tulip mania in the Netherlands in the 17th century. Its rise and downfall isn’t exactly based on concrete data. And in case you weren’t aware, the Tulip mania didn’t end well for 99% of speculators in tulip bulbs.
I was also reminded of the California Gold Rush of the late 1840s. The folks who got rich were the ones selling pickaxes, pans, jeans and other supplies – not the miners. These realizations led me in an interesting direction in my Bitcoin journey: Blockchain.
Step 3-4:
I discovered that the underlying technology on which Bitcoin is able to operate is known as the Blockchain. Some of the world’s leading brands are investing heavily in Blockchain-driven technology. To name a few – IBM, Microsoft, Google Ventures, Intel, MasterCard and many, many more.
As I gathered more information on the technology to understand the problems it solves and the scale at which it might impact our society, it became more and more interesting.
Why are Fortune 500 companies investing in Blockchain? It’s estimated 10% of the global GDP is predicted to be stored on Blockchain platforms by 2027, according to the World Economic Forum. These companies are positioning themselves to be at the leading edge of technology development as Blockchain reinvents financial services, healthcare and medical records, ride-sharing apps, energy, cybersecurity, education, music and even voting. They all want a piece of the rapidly growing pie.
Now Blockchain has really got my attention. I’m diving deeper into a technology that some have claimed is the next internet. Yep, you heard that right. The next internet.
Step 5:
I’m now at the point in my journey where I’m seriously considering investing in Blockchain technology. I still need to figure out if I should: 1. Buy stock in some of the companies heavily invested in it; 2. Directly buy into recently launched ETFs like BLCN and BLOK; or 3. Wait and observe.
As you can see, I’ve followed a fairly predictable journey to purchase. Or, as we call it in marketing, a customer funnel. This isn’t where it ends though. There’s more to come.
Step 6:
I’ll continue to monitor my investments once I decide the best route. From there I’ll decide whether I should add additional companies to my Blockchain portfolio, all based on staying up to date with industry news and new developments.
Step 7:
Someday, I’ll brag to my friends about the great investment I’ve made and how they should follow in my footsteps. In other words, I envision myself being a Blockchain advocate.
I’ll continue to share my journey to guide others who are just starting theirs, so be sure to check back to see how my investment into Blockchain technology is performing.
