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Cryptocurrencies ? Sell shovels!

November 11, 2017

 

Samuel Brannan was a clever chap. As the story goes, he was the man who bought loads of mining equipment when the gold rush started in 1848 in California. He made a fortune in just a year, not mining for gold, but by selling shovels.

He re-invested the proceeds in large pieces of land, as the strong influx of people drove the population of San Francisco from 1,000 inhabitants to 20,000 in just 2 years. Price surged, leading to riots; A situation not too dissimilar to 2017, where locals are complaining that the influx of workers for big tech companies like Apple, Facebook are pricing them out of the Bay area.

So please don’t rush to buy bitcoins. Sell shovels like these guys instead.

And if you are not into cryptocurrencies, why don’t you take 5 minutes now to think about other modern day gold rushes (medical cannabis?, veganism?, wellbeing at work?…) and figure out what kind of shovel doppelgänger you would need.

BTW – I will be in the Bay area the week of the 27th, ping me if you know interesting people for me to meet while I am there.

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