Investment guru Ron Insana said that universal craze about Bitcoin reminds him of the dotcom bubble.
And the biggest lesson he learned from that situation is that "the last person who entered this speculative madness cannot go out, because it's too late", – explained the author of four books about wall street.
"In the midst of the Internet bubble some of my colleagues and I were trying to decide whether we stay the business-journalists on cable TV, or join some of our colleagues in beginner projects dot.com that was focused on web delivery of news," said Insan.
He said that many of his colleagues, including him, were bound by contract and couldn't just leave his job to join the new trend.
Insan also gave an example of one of his colleagues, who began working on the business website. From the first days resource cost was $9 million, but when he left a couple of years later, that $9 million has been transformed into $100 000.
"We kept our jobs, get promotions and bonuses and, most importantly, dodged a bullet, which killed all those who rushed to earn quick money," said Insan.
Insan also ridicules some of their friends who bought Bitcoin at $300 and still believe in the controversial digital currency, not selling it:
"Until now, Bitcoin and other cryptocurrencies is not enough three defining characteristics of money: unit of account, medium of exchange and store of value."
author:Maxim Centurion | December 26, 2017 15:47