The world is changing day by day. What worked yesterday may not work today and vice versa. Under new circumstances, things change abruptly. This not uncommon in the cryptocurrency realm too. Back in the old mining days, there was a wealthy miner, who owned three highest producing mining operations in American history named George Hearst.
Since from childhood, Hearst was interested in mines and began studying the mining business earnestly. It wasn’t easy for him to acquire those mines, he frightened people to sell their claims for pennies by manipulating and tricking. The tactics he used is to buy the local newspaper to circulate “fake news” to impact people’s view. People thought that government would seize their land and sold their claims to Hearst at cheap price. George Hearst misdirection strategy worked and made him a wealthy American businessman. In the American history, his Dakota gold mine turned out to be the highest producing gold mine, producing 43,900,000 ounces of gold. This is more than $55 billion worth of gold in today’s price.
George Hearst strategy
Cryptocurrency investors feel the same heat. Since the rise of the cryptocurrency kingdom, there have been lots of enforcing laws and regulations from the government. Jamie Dimon, CEO JP Morgan, had criticized cryptocurrency and later regretted on calling “Bitcoin a fraud”. He also added the blockchain is real and started investing in cryptocurrencies. This sounds strange, right? Perhaps this may be George Hearst strategy.
In 2018, after the first decline of cryptocurrencies 2018, Poland’s central bank was accused of hiring Youtubers for creating a faulty publicity of cryptocurrency. But why did they do that? It’s because of the spike in the price of the cryptos and they don’t want to buy it. This makes more sense to execute the George Hearst strategy.
Eye-opening events of the crypto world
Recently there are lots of attention gaining things happening in the crypto world. Rumors apart, look for the things that actually matter.
- Bloomberg launched the BCGI- Galaxy Crypto Index fund, a part of the Michael Novogratz Galaxy Digital Capital Management firm.
- To its blockchain team, Facebook added Evan Cheng, senior director of engineering.
- Goldman Sachs, the leading global investment banking, opens a trading desk dedicated to cryptocurrencies.
- George Soros, the billionaire business magnate is investing in cryptocurrency.
- Andreessen Horowitz, venture capital company, invest $300 fund in the cryptocurrency works.
- The Rockefeller family, the American political and banking family began investing in cryptocurrency investing.
- Susquehanna is opening crypto trading with million dollars of bitcoin.
Selling the cryptos when the market is low, is never a good idea. The 2008-2010 real estate crash and 2000 to 2002 dot-com crash are real eye-opener events to look for. Before investing have a look at where the smart money is going. Don’t fall prey to the George Hearst strategy and be vigilant before you sell your cryptos for pennies on the dollar!