Bitcoin seems to be all the hype now – from Main Street to Wall Street. I get calls now and then to talk about Bitcoin, and many also asked if I sold any. Is it yet time to sell? I’ll tell you if I meet you. As an individual who is fairly experienced working in the technology industry, I expect a potentially huge change as the price of Bitcoin keeps hitting all-time highs. It will not be surprising to be asked by your investors and customers, “does your services incorporate blockchain technology, or do you accept bitcoins as a method of payment?” Also do not be surprised at all that your key investor could be a bitcoin millionaire!
The quiet before the storm
The thing about technology is, there is no rush for adoption, unless – your competitor adopts it first. Just imagine if tomorrow Amazon or Alibaba accepts cryptocurrency as a method of payment. This will definitely ignite an arms race within the industry. Bitcoin or crypto payment acceptance is however, only the first phase of the disruption. As competitors adopt blockchain technology to run their supply chain, your company will have no choice but to do the same, and perhaps in the process, making your job redundant. It is no doubt at all, that technology revolution at this scale will lead to more efficiencies which result in elimination of many jobs.
Blockchain experts could be the most valuable assets
It does not take an expert to understand that blockchain experts are not churned out like chopsticks in a factory. Infact, there are few (if qualified at all) universities that provide knowledge in such fields. Rare talents will come at a steep price, again igniting an arms race between all the top companies in the world. Perhaps if you are thinking about furthering your studies, it is time to consider dropping everything, and picking up blockchain and crypto studies. It would be akin to studying digital marketing a few years ago, or learning how to setup a website (more than a decade ago). The new masters of the universe will be blockchain gurus and crypto billionaires – and instead of hailing from Wall Street or Silicon Valley, maybe a hacker or coder running his or her empire from behind the screen.
Money to be made
Just like how e-commerce companies spurred the growth of logistics companies around the world, as well as many more support businesses – bitcoin and blockchain powered companies will do the same. The crypto industry has gone through the early phases (bitcoin itself is almost a decade old!), which led to the formation of many exchanges of which the owners made multi millions, and valued at a billion (for example Coinbase – a crypto exchange based in the US). The latest evolution – Initial Coin Offerings (ICO) became a multi-billion dollar industry, and this trend will continue to grow and progress.
So, what if you are not looking for a business? There will be need for crypto auditors, bankers, lawyers and all sorts of experts who are well-versed in these technologies. To capitalize, you will need to be prepared.
Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].