When Elon Musk shared his dream of 100% electric car, at that time big giant like General Motors, BMW and others were skeptical about the concept itself.
We cannot deny the fact that Tesla came, they stayed and others are following the path of Tesla.
As BitCoin is going through the phase of extreme volatility the criticism is natural from skeptics who love the smell of paper notes. I am sure it’s hard to imagine that something that doesn’t exist physically is able to buy your stuff from over 500 large eCommerce stores.
And by the way, you can also buy a Tesla with your BitCoin.
Isn’t that amazing?
Now about the present extreme volatility.
Let’s look at the graph I am referring to from CoinBase for the entire year. The rise is certainly visible towards the last three months.
It’s evident that the growth of bitcoin users has significantly risen so is the price to contain a single bitcoin.
Sceptics like Morgan Stanley a leading global financial services firm states that BitCon is getting more attention than it deserves.
Another skeptic says
Avoid Bitcoin ‘Like the Plague’
Charlie Munger vice chairman of Berkshire Hathaway Inc
All the voices that you hear from skeptics are largely from the leaders of traditional financial institutions who have spent their lives building such institutions.
Nothing is stopping a bank or other financial institutions from creating their own cryptocurrency.
In fact, a recent stat suggests that there are more than 1000 companies are creating cryptocurrencies around the world.
Off course 90% of them are not genuine.
I wouldn’t be surprised the same skeptics are already active in the bitcoin world.
Power of digital currencies is yet to be realized by leading financial institutions.
Let’s Rewind to the year 2000-2002
During 2000–2002, the bubble collapsed. Some companies, such as Pets.com and Webvan, failed completely and shut down. Others, such as Cisco, whose stock declined by 86%, and Qualcomm, lost a large portion of their market capitalization but survived, and some companies, such as eBay and Amazon.com, later recovered and surpassed their stock price peaks during the bubble.
I am sure when .com collapsed there were critics who jumped into the opportunity to dismiss internet or eCommerce by calling it as a complete hoax.
We have just passed 15 years and see where we are, the extreme innovation with internet and digital transformations is an understatement. If you think about why the internet is so successful is because it provides people like me with a complete freedom to work, shop and play whenever I want to.
Now if you want to fast forward 15 years from now
BitCoin will eradicate a lot of major problems with society today as far as the government having this massive amount of control over the monetary system. The same freedom of buying stuff online or sending money without having to pay unnecessary charges, delays with payments or even making your own currency will lead to its success.
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