Are You Late to the Crypto Party?
And, what in the world is going on with this market?
I had an interesting chat last Friday with a longtime friend and mentor.
“I love reading your newsletters,” she said when the conversation inevitably turned to crypto. “But I keep thinking, I’ve missed the boat on this. I’m too late to all of it.”
“No way,” I replied. “We are just beginning. It’s 1996, and this is the first email.”
I know I’ve shared this sentiment before—that these are the early days of cryptocurrency investing. I’ve told you that plenty of other people studying the space believe that too. But this comment came on the heels of two other things that happened last week, all showing me this really is only the beginning.
I had the pleasure of sitting on a panel at the University of Cincinnati with several other crypto/web 3 professionals and enthusiasts. An economic professor invited me to speak with students, and I was humbled to receive the invitation. As we started our talk, I asked the 30 or so people in the room how many of them had purchased cryptocurrency or an NFT in the last year.
Four attendees raised their hands.
When I asked the group how many people had heard of Bored Ape Yacht Club, I got a much larger affirmative—probably 80% of those in the room.
I followed this up with a brunch with a close friend. We hadn’t connected in several months, and I mentioned that I’d started a crypto newsletter since she last had the chance to see me. She asked a few general questions, then wanted to know the current price of Bitcoin.
“About $42,000,” I told her outside the boutique we were about to step into. (I know, Bitcoin is lower this morning!) “Give or take.”
She turned to me with a shocked look. “Wait. One Bitcoin is $42,000? Did you say $42,000?”
I didn’t tell her that the price is down 30% or so from its all time high. She didn’t need to hear the hourly takes on bull-vs-bear market. She just heard the price and it took her breath away.
“I need to learn about this,” she added.
Do you see what I’m driving at?
Crypto has basically reached critical mass when it comes to awareness, with almost everyone having heard of it. It’s part of the culture, there is no doubt about that. The sector is here to stay.
But there is a big difference between “here to stay” and ‘you’re late.”
In my opinion, we are a long way away from the latter. Late happens much farther down the road, when everyone has a crypto wallet and people use crypto for every purchase. When it becomes legal tender in, let’s say, 150 countries. And when investing in the sector is about as much a given as having a standard savings account.
Until then, you’re early.
So let’s do this. Let’s learn together. There is a lot to discuss, and I’m no expert. Still, I enjoy this opportunity to share what I’ve discovered. It’s a pleasure.
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.