“Forget About Price. This is About the Long Term”
Those are words Bitcoin investor and author Jeffrey Tucker, Editorial Director of the American Institute for Economic Research, tries to remember.
Tucker penned an article this week for Forbes reassuring serious investors of the long-term prospects of Bitcoin, cryptocurrencies, and their underlying technologies. Though Tucker says he never “suggested it was a new glorious way to make money,” the writer has been vocal on his excitement over the long-awaited emergence of a working digital currency:
“We have a money for the digital age: behaves like real property, can’t be duplicated, trades without an intermediary, and functions outside government and the central bank.”
Tuckers first experience with “Bitcoin bipolar disorder” as he calls it, came with one of Bitcoin’s first price dips when it when it was still selling for under $200. Despite believing “that a financial technology can be admired for its architectural beauty completely independent of its price,” Tucker had taken to price watching to deflect some of the pressure from his critics.
The author turned to another proponent who prompted him to consider first the technology and its utility, telling Tucker:
“Think about that (the technology) and forget about the price. This is about the long term.”
Tucker says he’ll never forget those words, but that he does at times “such as during this disastrous year in crypto.” He doesn’t believe any price will serve to convince the skeptics:
“I swear that bitcoin could be a million dollars and it would make no difference. The early adopters would still feel good about themselves. Those who have neglected it would still be calling it a scam.”
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Having written eight published books and being a regular speaker on money, trade, and innovation Tucker is as qualified as many to make predictions. He believes the world will come around in time, likening blockchain and cryptocurrency technology to the 20-year infiltration of email into our lives and that:
“Crypto is brand new. It’s still an experiment. Everything is being tested. And while it is always nice to make money on rising asset prices, that’s not actually the point.”
Tucker also makes no secret he’s an investor and does watch prices. He suggests the range of time to consider cryptocurrency investments in is in terms of 5, 10, and 20 years, and that investors should consider year over year increases rather than the trends in between.
“Year over year, bitcoin is up from $4K to $6.5K, a 62.5% increase, which easily beats the Dow increase of 18%.”
Billionaire Bitcoin investor Tim Draper is also long on cryptocurrencies. Draper predicted last week that cryptocurrencies will become an $80 trillion dollar business in the next 15 years. His comparisons for the growth and adoption of the technology were similar to Tucker’s, this time using the internet as his example.
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