Originally Posted by
gzsg
Take 10 minutes to listen to Microstrategy’s CEO Michael Saylor on YouTube.
I’m sure there were a great deal of horse owners who said the automobile would never succeed.
Or more recently, electric cars.
You can read and grow rich or .......
The issue isn't the great deal of horse owners who thought the automobile would never succeed. It's the great deal of over enthusiastic(or dare I say it, irrational exuberance) investors who suffered a total loss of capital investing in promising auto companies that went bankrupt.
https://en.m.wikipedia.org/wiki/List..._United_States
This quote from "Random Walk Down Wallstreet" describes Bitcoin, SPACs and today's market in general to a T:
Robert Shiller, in his book Irrational Exuberance, describes bubbles in terms of “positive feedback loops.” A bubble starts when any group of stocks, in this case those associated with the excitement of the Internet, begin to rise. The updraft encourages more people to buy the stocks, which causes more TV and print coverage, which causes even more people to buy, which creates big profits for early Internet stockholders. The successful investors tell you at cocktail parties how easy it is to get rich, which causes the stocks to rise further, which pulls in larger and larger groups of investors. But the whole mechanism is a kind of Ponzi scheme where more and more credulous investors must be found to buy the stock from the earlier investors. Eventually, one runs out of greater fools.
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