Earlier in the year many people were talking about there being a crypto bubble and I always thought we aren't even scratching the surface of how much money will come into the space in a true bubble and that 100 billion is less than a successful tech company. Now of course I have seen news that a $500 million crypto hedge fund is about to launch? Hedge funds like these create the real bubbles and this is enough money to have a significant impact on the market cap of many tokens.
“This is going to be the largest bubble of our lifetimes,” Novogratz said. “Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
There is some truth to these words. This is the opportunity of a lifetime for any of us on Steemit and whether or not it is a bubble is only part of the story. The long term utility of some of these projects will produce lasting wealth for early participants but the challenge will be determining which projects will produce ecosystems which are long term viable. I'm not concerned Bitcoin, Ethereum or any current projects are long term viable but I do think if they evolve in the right way at least some of them could be.
Where others see volatility and liability, Novogratz, a former Goldman Sachs Group Inc. partner, smells opportunity.
There is no easy money. Any once in a lifetime opportunity is usually surrounded by risk. If the opportunities were plentiful then people wouldn't have to take risks to not only find opportunity but to "capitalize" on opportunity. Compared to the risk of long prison sentences associated with similar scale opportunities in history I would say the crypto opportunity is one of the rare once in a lifetime opportunities where people can get rich literally overnight without the risk of decades in prison.