One Thing: Day 474: China Bans Bitcoin
Day 474: China Bans Bitcoin
Yesterday I was explaining how being a trophy husband is exhausting and the importance of channeling demand.
Speaking of my role as a trophy husband…
A dirty house takes a toll on my mental health.
And my mental health takes a toll on my ability to keep the house clean.
It’s a vicious cycle.
In other news…
Only those that attempt the absurd can achieve the impossible. ~ Albert Einstein
Your ONE COACHING THING Today Is:
‘Twitter / Bitcoin’
I started writing about Bitcoin years ago when it traded at $5k… it’s traded as high as $63,000 since…
You’d likely be thanking me if you took my advice.
In the last few days, two significant things happened that a business coach should be aware of at a macro level…
- China banned Bitcoin and heavyweights are freaking out
- Twitter integrated payment API’s with Bitcoin
I was loosely asked about this on my most recent podcast and explained in depth what I see happening as a result.
Here are a couple of my thoughts:
- Social platforms like Facebook will need to integrate it also (FB is planning to start its own – this is a potential wrench in those plans)
- Network effects (one of my favorite topics) will subsequently take effect
Everyone is freaking out (Robert Kiyosaki specifically) and expecting doomsday after the ban… I think when China bans something it’s a good thing.
History is a pretty good indicator as to what the future looks like… but FAR from a guarantee.
Rather than listen to my broke uneducated friends sharing meme’s on FB or suffering recency bias… I did some homework and here’s what it told me:
China banned Facebook in July of 2009…
FB is up 15,167% since then.
China banned Snapchat in Jun 2013….
Snap is up 16,014% since then.
China banned Google in March 2010…
Google is up 1018% since then.
China banned Bitcoin in December 2013…
It’s up 5,209% since then.
It appears China bans things they want to control the supply and compete with it.
They ban things worth duplicating.
Watch for a Chinese Cryptocurrency coming to a theatre near you :o)
Moral of the story:
Chinese banning BTC is far from catastrophic.
If the American government follows suit and bans Bitcoin… different story.
*Not financial advice… ask someone taller, smarter, and more handsome than I. And yes, I realize how difficult that would be*
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Obsessed with your business coaching success,
Karl Bryan aka King Karl
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Karl Bryan gets clients for Business Coaches...period. He is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
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