“On March 29, 1879, just nine months before Thomas Edison demonstrated the world’s first electrical lighting system, American Register concluded that ‘it is doubtful if electricity will ever be used where economy is an object’ (cited in Ffrench 1934:586). The same year, the Select Committee on Lighting by Electricity of the British House of Commons heard an expert testimony that there is not ‘the slightest chance’ that electricity could be ‘competing, in general way, with gas,’
— Vaclav Smil
3 Reasons I Am Investing in Bitcoin:
✓ It is not a hoax or a scam – If you looked at the Internet in 1993, without the benefit of 20/20 hindsight, it too looked kind of like a toy. It was hard to see it’s potential or the implications. That’s where blockchain, the underlying technology of cryptoassets, is today.
✓ This is a modern-day form of Pascal’s Wager – The nature of Pascal’s wager, as he laid it out, is If you gain, you gain all; if you lose, you lose nothing. Therefore, the game theory tells us the only logical decision is to invest.
✓ Uncorrelated asset classes reduce risk. (Yes. You heard correctly!) – The basis of Modern Portfolio Theory is adding non-correlated asset classes to a portfolio, which cryptoassets are, reduces risk. This is totally contrary to what most people believe about investing in Bitcoin. They think it adds risk.
TO DIVE DEEPER INTO RESOURCES MENTIONED IN INVESTING IN BITCOIN:
Creating the Twentieth Century: Technical Innovations of 1867-1914 and Their Lasting Impact – Vaclav Smil (Amazon Aff Link)
Pascal’s Wager (Wikipedia)
Modern Portfolio Theory (Wikipedia)