Google just released their most searched terms in Nigeria for 2018 and as usual, it came up with an interesting mix as usual from “the Osun elections” to Alexis Sanchez ”to “how to write a business plan”; “who is the richest musician in Nigeria” etc. Now, if we contrast the 2018 result with that of 2017 and one significant term stands out missing. Amongst other things, the 2017 most searched term on Google for Nigeria included the phrase “what is Bitcoin”

2017 and 2018, the difference……

If we delve into happenings in 2017 (in the financial markets) and we compare them with those of 2018, we would see why the term “what is Bitcoin” came up as part of the most searched term on Google in 2017 and why it is missing in 2018.

Get rich quick thinking

The average person will never be rich (hope I don’t get some flak for that statement). Not That they don’t have the capacity to, but because the average person does not have mastery over their primordial instincts and fall prey to those instincts over and over again. The average person thinks in the short term and operates by the “get rich quick mentality”. What we had in 2017 was a massive bull run in Bitcoin and other cryptocurrencies and that caused flooding in of all types of people into the space. Of course, that was what resulted in the term “what is bitcoin” showing up in the 2017 results. The price of Bitcoin skyrocketed. Everyone and their cats wanted in on the action. It seems like an easy way to make money! So the herd mentality took over. This same pattern of thinking was what brought a lot of people to tears in 2016, remember MMM?

Don’t get me wrong, Bitcoin, the decentralized blockchain technology and cryptocurrencies aren’t a Ponzi scheme like MMM. No, not at all. But the average person, the uninformed investor can erroneously treat it the same way- as an avenue to get rich quick. So, the herd was all over bitcoin/cryptocurrencies in 2017-where are they now? They’ve gone. They came in during the euphoric phase of the market cycle. Most got in at the top of the market in Nov/Dec 2017. Of course, the market peaked on them, tanked and we entered a bear market (a price declining market) in 2018 and all the “Lambo boys/girls” disappeared. This is how the average Joe roll. This is why in life, the average individual will never be rich. They operate with a short-term, “get rich quick” mentality. They jump in when they are supposed to wait and they hesitate when they are supposed to dive in.

Bitcoin/cryptocurrencies are a new asset class

Cryptocurrencies are a new asset class like your

Equities: start-up funds, index fund, stock etc

Fixed income assets: treasury bills, treasury notes etc

Real estate

Commodities: gold, silver, platinum, copper, crude oil etc

Cryptos are an asset class and as an asset class for you to succeed investing in them, you must take time to educate yourself on how they perform, their cycles, their pattern, you must study the various indicators unique to this asset class. In short, you must evolve from an average person who is looking to “get rich quick” into a sophisticated investor who understands his/her asset through and through. The most successful investor (arguably) of our time is Warren Buffet and he says consistently that he will never invest in an asset or stock that he doesn’t understand. He missed out on the tech stock boom of 1998- 2001 but his exploits in the investment space are still legendary.

Bitcoin/cryptocurrencies are here to stay. In fact, they are the future of the internet- The internet of value. This bear market is the best time to get into the space. We are at the most opportune time to begin to study and learn about this new asset class. The euphoria is out, the dust has settled. Google search world over for the term “what is bitcoin?” has dropped 96% from its all-time high in Dec. of 2017 (it isn’t just a Nigerian phenomenon, it’s a human thing)

Cryptocurrencies-the biggest opportunity in a generation

Every time a new asset class emerge, immense wealth is created

The formation of the Dutch West Indian company in 1600 and the advent of the modern stock market

The dawn and maturation of the industrial revolution 1850-1890s

The post-world war 2 industrial expansion in the USA

The financialization of the world economy (by unpegging the dollar from gold) in 1971

The evolution of technology stock as a new asset class 1980- 1998

In all these above instances, immense wealth was created. The 21st-century emerging asset class is the Decentralized Blockchain Technology– CRYPTOCURRENCIES.

Understand that Bitcoin/Cryptocurrencies are a new asset class. Take your time to learn what this technology really is. Why it is the basis for the future of our internet. Why the next class of the super-rich are going to be early adopters of this tech (early adopters of the first iteration of the internet are sitting very pretty now) and how to get invested.

Smart and sophisticated investors move into asset classes with strong fundamentals during the accumulation phase, when the sentiment around the asset is negative. They begin to buy in when the average Joe won’t touch such asset with a nine-foot pole. Sophisticated/smart investors are CONTRARIAN; they do the exact opposite of what the herd does.