Does anyone remember the “dot-com bubble” of the late 1990s? It’s referred to often in discussions of Bitcoin. Critics of cryptocurrencies argue that like Bitcoin, the “dot-com bubble” was an economic bubble fueled by greed, irrational exuberance, and dumb investors. When the bubble burst at the turn of the millennium, many people lost a lot of money when those worthless, Ponzi-scheme-like businesses went caput. Stick with General Motors, General Electric, and other blue-chip stocks, we were told. Invest in real estate. Put your money in your 401(k).
Not so fast.
The tech we have today is a result of value that was inherent in many businesses that existed during the “dot-com bubble.” One of the best-known examples of the “dot-com bubble” was Priceline.com. It had Captain Kirk heading its advertising campaign, and happened to go public at the height of the bubble, offering stocks at $96 per share. The company offered travelers the opportunity to name their price and get a great deal on vacations. In one month, it shot to $974 per share — a 1000% return in one month. It added groceries and gasoline to its travel offerings in the hopes of going even …
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(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)