You were late to Bitcoin. Here are 3 ways to fix that mistake.
I remember first hearing about Bitcoin 8 years ago when a friend of mine swore it was going to be “the most important innovation our generation will ignore.”
That guy is a hecto-millionare now. Hecto… as in, hundreds of millions.
If you’re trying to figure out this whole cryptocurrency world, I believe it will be helpful for you to consider three important ideas—especially if you’re starting to feel that you’re late to the game. Because you are… sort of.
However, if you’ll consider these ideas, I believe there’s a very high chance your future-self will thank you.
1: DON’T LOSE SIGHT OF WHERE WE ARE AT.
Successful innovations follow a path called, “The Diffusion of Innovations.” Said differently, as more and more people accept a new idea or product, it goes through six phases of adoption. Here’s what it looks like:
Another way to look at this is through the lens of percentages. More specifically, the percentages of “likely adopters.” Likely adopters make up the total of all of the people who will eventually accept an idea or purchase a product IF the idea or product is successful. Here’s how it looks:
Let’s consider this example through the lens of electric cars.
The first 2.5% of likely adopters are referred to as the “Innovators.” These are the people who rushed out to purchase an EV1 or the first version of the Tesla Model S.
The next 13.5% of likely adopters are called “Early Adopters,” and these are folks who are taking a chance on buying a Tesla Model 3 or Chevy Bolt today. Electric vehicles (mostly Tesla) just crossed about 3.4% marketshare of new cars sold, putting them into the early adopter phase.
It might seem as though electric cars are still a new thing, but the adoption rate of anything related to technology is happening faster and faster. To put that in perspective, General Motors has announced that 100% of their vehicles will be all-electric by 2035.
Here’s why this matters to you being late to crypto.
Looking at the lowest price per year for Bitcoin, many believe that Bitcoin jumped from innovators to early adopters in 2018.
Based on supply and demand, many believe that Bitcoin’s value will level off somewhere between $500k and $1M. If that’s true, then it’s reasonable to believe that we are in fact somewhere in the back half of Early Adopters.
Given the rapidly increasing adoption rate of tech-based ideas and products, Diffusion of Innovations starts to matter a lot—because value increases less and less once we’re in the Late Majority phase:
You still have time to experience the benefits of being an Early Adopter / Early Majority. But when Elon Musk—the richest man in the world—is tweeting stuff like this, time is running out:
2: MAKE DECISIONS ON OLD PATTERNS.
Innovations in the technology space have been around for a long time.
More specifically, innovations on the financial side of technology have been around for a long time. Even more specifically, technology innovations in the way we exchange money have been around for a long time.
Said differently, we have documented human behavior which allow us to make reasonable predictions of what will happen if cryptocurrency continues to gain popularity. Here’s what I mean…
As the internet continued gaining adoption, we all needed a way to exchange money over the internet. PayPal launched in 1998 and allowed the first wave of ecommerce to take off… but it was still too hard for the average person to exchange money between another person or business. And it was WAY too hard for businesses to accept money on their own website.
That’s where we’re at with cryptocurrency today. It’s just not easy enough, yet. We’re still in the days of early PayPal.
Between 2009 and and 2010, everything changed when a few little companies like Stripe and Venmo launched.
Stripe and Venmo both created easy-to-use protocols that allowed normal people to quickly and easily send money to each other — and to allow businesses to easily accept payments via their own website.
Today, Venmo is valued at $37 billion and Stripe is valued at $70 billion. (That’s billion with a B, people.)
Here’s why this matters to you being late to crypto.
There are still a lot of problems being solved in the space of cryptocurrency, specifically around the area of making it easy to use.
And if history proves, one of the wisest investments we could be making right now is investing in the solution builders.
Especially those who are building solutions that will make the exchange of crypto easy… the Venmo’s and Stripe’s of our day, if you will.
So who is that? It’s FIO:
Not only is FIO’s current managing director Luke Stokes (one of the most important and trusted voices in the cryptocurrency space), but their mission is to make crypto easy enough for anyone to use it. Sound familiar?
They have made some extraordinary progress by introducing what they call a “FIO Address,” which gives you a single identity for ALL of your cryptocurrency. They have also created a very simple way to request crypto payments from anyone else with a FIO address.
But wait, it gets better… FIO has a token, which means you can invest in their potential growth right now.
Unless you have a time machine to go back and invest in Venmo or Stripe, FIO is the next best thing. It’s also brand new, so it’s currently trading at 7 cents. (That’s cents with a C, people.)
Click here for a step-by-step tutorial on how to buy FIO.
👆🏻👆🏻👆🏻
3: BUY AND HOLD.
“I trust governments to protect the value of my dollar.” Do you believe this statement? If so, crypto isn’t for you.
But if you believe governments can’t be fully trusted with protecting the value of your investments, you should absolutely be buying and holding cryptocurrency.
Here’s why this matters to you being late to crypto.
Crypto puts a shield up between your family and the power governments have over those you care for the most.
Not only do I love the idea of Big Brother having less control over my wealth, I also believe we are in a moment of amazing opportunity to create a ton of wealth for our families via crypto investments.
Personally, I don’t believe there will ever be a need for me to convert any of my crypto back to analog currency — but if you aren’t there yet, don’t forget this…
The people who build wealth with crypto are those with a patient, longterm outlook.
So in summary…
- It’s still early-ish in the crypto space, but not for long.
- Crypto is still too hard, but companies like FIO are changing that.
- Have a buy-and-hold mindset, and buy some FIO and Bitcoin immediately.
