It can be hard for people to take things seriously until they see it firsthand. A lot of well known people at one point or another denounced Bitcoin and Ethereum. Almost all of them have come around full circle to now completely support cryptocurrency and the blockchain technology that will potentially disrupt every major industry.
Earlier this year Ether (Ethereum's cryptocurrency) went on an incredible run from $17 into the $200s. A lot people missed it, and had no idea what Ethereum was at the time. (I even had one person think it was an element on the periodic table!) People labeled it a bubble and moved on. But during the year, it was almost impossible not to hear about Ethereum or Bitcoin. Just recently Ether has risen to over $515. Bitcoin did a similar run from the $900s, and has now reached over $11k per Bitcoin.
Inevitability, like with anything that happens "fast", you will have people on both sides of the fence. Some think "the bubble will pop" and others know that we've barely scratched the surface. But, the thing that shouldn't surprise anyone is the absolute resilience and tenacity of this market and its participants. In fact, more people are using Coinbase now than several well-known traditional trading platforms.
And it's not all to do with price either, in fact, this entire movement triggered by Ethereum and ICOs earlier this year, is all about the technology and the disruption that's happening.
Cryptocurrency Initial Coin Offerings continue to disrupt (and dismantle) the venture capital industry in a very positive way. It's good for the entrepreneurs in that they can raise large amounts of capital in a short period of time to disrupt big industries. It's also great for the venture capitalists since they can have liquidity almost immediately instead of waiting 10 years plus to potentially cash out. The typical "problem" with venture capital is that a liquidity event can take an extremely long amount of time to get to.
What's next for cryptocurrency and blockchain technology?
Price speculation aside (which is a fun conversation and feel free to leave a comment with your best guess by end of 2018 for Ethereum and Bitcoin) the technology and the entrepreneurs are the real winners here. I have seen some incredible projects aiming to disrupt big industries with very old ways of doing things gets. For that I'm extremely happy, and for everyone that is speculating on cryptocurrency I also hope that continues to do well. I think a lot of people are in agreement now that this movement is not slowing down anytime soon.
I was fortunate to be around for the shaping of the internet in the 90s, granted I was young, I pretty much grew up on the internet. I saw it develop and shape. I saw all these entrepreneurs come in and disrupt various industries. This reminds me of that so much. This time entrepreneurs are armed with better technology that can solve problems that were much harder to solve before. I think this next wave of disruption is going to make the "internet boom" itself look small in comparison. We have barely seen anything yet, it should be a really exciting next 5 years.
Nothing posted here should be considered investment advice. In fact, I am personally specifically excited about the technology behind this movement.