Seems like not everyone wants to end with a fate like Nouriel Roubini. And, no one is more smarter than the person who realizes their mistake. Ever since Bitcoin came out, it got popular in a very short span of time and just like anything else it had it’s share of haters for various reasons.
The sudden rise from $1,000 to $20,000 in 2017 brought it under the scrutiny of economists and experts, who couldn’t wrap their head around this phenomenon and when they couldn’t; they called it a scam, asking people to steer away.
However, one renowned historian was able to rectify his mistake saying he was “very wrong” about digital currencies like bitcoin.
Niall Ferguson, author of currency history book The Ascent of Money, admitted his mistake when he was speaking at The Australian Financial Review Business Summit earlier this month when he traced back on his earlier comments, saying bitcoin and blockchain-based technologies are not “complete delusion” like he had previously branded them as.
“I was very wrong,” Ferguson said. “Wrong to think there was no … use for a form of currency based on blockchain technology.”
He even went on to express regret when he didn’t listen to his teenage son who asked him to buy bitcoins back in 2014.
It was the “worst investment decision of my life.” exclaimed Niall. “If I had listened to my son, I would have increased the dollar value of my investment by a factor of 45—or, if you prefer, I’d have made a return on the investment of 4,436%,” Ferguson wrote in late 2017. “The moral of the story is clear: when it comes to technology, pay heed to teenagers.”
Yeap, you heard it. When it comes to TECHNOLOGY, trust the kids. They are definitely more smarter than you.
Ferguson joins the bandwagon of people who have recently expressed their enthusiasm for bitcoin and cryptocurrencies. The list includes Twitter’s Jack Dorsey, Tesla’s Elon Musk and Apple cofounder Steve Wozniak. These people have sung praises for bitcoin and its underlying technology, arguing that digital tokens are sill in their infancy stage and require time.
Jack Dorsey just revealed how many bitcoins he buys each week eventually giving rise to a trend called #StackingSats (Stacking Satoshis) on Twitter. musk this month claimed that the bitcoin’s structure is “quite brilliant”, further adding “it bypasses currency controls… Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”
For now, the bitcoin sector has been trapped in a long-running bear market which is why prospects seem shaky but that happened because investors and banks chickened out from their investment positions.