Let’s be honest, people have been speculating on various avenues for fortune over the course of human history. We are over a decade in the cryptocurrency “main stream” environment. I say that because the idea of digital assets goes back decades before Bitcoin (BTC) was launched.
Yet here we are in the year 2022 wanting and waiting for the same gold rush style wealth that was possible in the American West in the 1800s. People spent fortunes, risking everything they had to strike it rich on the speculation of a gold claim. Media and government propaganda machines convinced everyone from hard working to get-rich-quick people with no means and no job to throw everything they knew to chance and start digging.
This brought people from all walks of life to a new area of the country, encouraging settlement, economies, and new lives to take root. The westward expansion during the gold rush did less for the miners and more for the long-term establishment of American economies and society in an area that to this day, is still often wrought with difficulties (earthquakes, fires, floods, landslides, etc.). None the less, the expansion brought forward by speculation enabled growth and acceptance of a culture to settle into an unknown and unfamiliar territory.
Out of the countless failures of the speculators, few success stories were made. Today, we see nothing different than when we look at that period of time. People pouring into a new asset class, following propaganda, tips, and hints, pushed forward by those “in the know.” There is nothing inherently wrong with educated investment and moderate speculation (money you will never miss once gone) in a quest to achieve financial gain, but it should be sought with caution and an educated understanding of what the assets are all about. Read white papers and understand the technology. Have an understanding of where the digital assets will be regulated, because they will be regulated. Watch the big players and see where they are developing partnerships and interests. Just as the West became regulated, all things will eventually fall under the control of government and banking institutions.
This is not investment advice. This is my view on history and investing. I am not an investment advisor. This is for entertainment and informational purposes. Consult a licensed financial advisor before trading.