Betting on Bitcoin & Why History Offers Few Answers to Future Investments

Whenever a crisis hits, whether it’s the coronavirus pandemic or a financial crisis, it’s natural to look to precedent to find certainty. But the only certainty we can rely on is uncertainty, and that knowledge should fundamentally shape our outlook as investors.

When Thomas Pilkey heard the incessant banging and hammering from his neighbor’s workshop, it wasn’t so much irritation, but curiosity, that led him to wander over and see what the commotion was about.

Pilkey’s neighbor, Henry, was a hobbyist inventor and was always tinkering with some new creation or other in his workshop.

And while Pilkey had long grown accustomed to the strange sounds that could often be heard emanating from Henry’s workshop, on this occasion, Pilkey was drawn by a sound he’d never heard before in his entire life — a repetitive rattling and chugging sound that sounded very much like a powerful weaving loom was being worked with great speed.