Does your business need a Bitcoin strategy?
Eight years ago, if I told you you’d be a millionaire today if you invested in Bitcoin, would you buy it? Back then, Bitcoin was one of the first cryptocurrencies to hit the market and had a price tag of $0.08 ($US0.06) per coin, as recorded in 2010. This month, it hit a record of $10,417 per coin. You would have only needed to buy 95 coins at a total cost of $7.68 to be worth $1 million today.
Based on this trajectory, it won’t be long (perhaps a few years) before one Bitcoin will be worth $1 million a pop.
It’s no surprise that this highly valuable commodity has started to infiltrate our lives. There are now hundreds of currencies, including Bitcoin, Dash, Ether, Litecoin and more. If we’re not prepared, businesses will suffer the most.
Much like 10 years ago, as Azimo co-founder Marta Krupinska puts it, every business realised the necessity for a web strategy. Five years ago, every business understood the need for a mobile strategy. Fast forward to now: 2018 will be the year that businesses will need to plan for a cryptocurrency strategy.
When the internet took the world by storm, it caused huge anxiety for businesses everywhere. Companies had to learn and master e-commerce, e-business, e-marketing and e-everything to survive in the digital age. It was a totally new ballpark then, and it was anyone’s game.
And this anxiety still exists. We recently commissioned a survey of 500 small business owners in Australia and found that over two in five small businesses (42 per cent) are off the grid and don’t do any business on the internet. These guys are miles behind the eight ball.
Which industries need a cryptocurrency strategy now?