"If I could go back in time I would buy Amazon (insert any big tech name)." This has to be one of the most frequent comments I would hear as a financial advisor. Back when Amazon was trading at $2.00 a share, nobody fully understood the potential that this company had and even fewer invested in them. Now, Image if you had an entire asset class that had hundreds of opportunities to "be the next Amazon or even more". Would you still buy it? What if I told you this asset class isn't just being adopted in the US, but around the world and the technology it brings can revolutionize everything. Imagine if you will, a world where your savings account earned you 5% interest instead of .05%. Or image that your transactions are even more secure than with one company processing all of them. Image we were all on an equal playing field. It all sounds amazing, right?
Now what if I told you this asset class was cryptocurrency? This one single word changes everything for most people. The media demonizes even the thought of accepting crypto. Most people would rather listen to Jim Crammer, who quite literally said he sold his Bitcoin holdings at the very bottom. In today's world, most can't accept anything they don't understand. Many aren't going to take the time to learn something new, we'll accept what our social media algorithms have showed us. We'll believe CNBC and Fast Money because they seem like they know it all. And we won't question anything because we are too afraid to not be accepted. I want to tell people you didn't understand Amazon then and even if you could talk to your old self, you couldn't convince them to buy it either.
Have a great Friday!