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Andrew Carnegie’s Advice From Over 150 Years Ago Applies to Bitcoin More Than Ever

by Sylvain SaurelApril 9th, 2023

Too Long; Didn't Read

Andrew Carnegie was a Scottish industrialist and philanthropist who became a naturalized American. He was one of the key players in the development of the steel industry in the United States in the late 19th century. Carnegie's famous advice: "Put all your eggs in one basket, and then watch that basket closely" should be applied to Bitcoin.

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I assume you have heard the name Andrew Carnegie at least once in your life.

Andrew Carnegie is one of the most successful men of the Industrial Revolution.

There is a story about Andrew Carnegie that has always fascinated me.

Some say that while traveling by train, Andrew Carnegie noticed a man next to him doing a lot of calculations on a piece of paper.

Andrew Carnegie said, “What are you working on?”

The man replied, “I have an investment opportunity and I'm considering whether to invest my life savings in it.”

Andrew Carnegie listened carefully to the man who had a full-time job as a telegraph operator. He then gave him the following advice:

“Put all your eggs in one basket, and then watch that basket closely.”

Baffled, the man replied, “What do you mean, Mr. Carnegie?”

Andrew Carnegie continued:

“I mean, focus all your resources on one opportunity, and then give it your full attention and effort. It's better to focus on one thing and do it with excellence than to spread yourself too thin across multiple projects.”

When a man as brilliant as Andrew Carnegie gives you such advice, I think you know what you have to do: follow it!

And as we move into 2023, I think this advice from Andrew Carnegie is more relevant than ever and should be applied to Bitcoin.

I often hear some people say that you should diversify your investments in cryptocurrencies, just in case Bitcoin fails. As I repeat, if Bitcoin fails, the entire industry will fail. Without Bitcoin, no cryptocurrency will survive. Period.

Your interest is in being a Bitcoin Maximalist, even though some people blame you for it.

In my book “The Truth About Bitcoin” I explain why being a Bitcoin Maximalist is a matter of common sense, using the example of Louis Pouzin's Datagram story:

This story is there to highlight something essential.

When you are convinced that a specific technology has everything it takes to revolutionize the world of the future, you must be a maximalist.

You can’t waste time supporting competing technologies that don’t offer the same potential. Not doing so would be dangerous for your future.

The story of Louis Pouzin and the datagram is there to remind us. The next time someone calls you toxic and unrealistic because you are a Bitcoin Maximalist, don’t waste your time responding.

History will show that you made the right choice, as did those who chose to become Internet Maximalists even though other competing technologies existed.

Andrew Carnegie's famous advice also stems from this observation. Instead of spreading yourself thin, concentrate fully in one direction and do everything you can to succeed in it.

With Bitcoin, that's the chance humanity has. A chance that more and more people are taking. After passing the 100 million user mark in September 2020, Bitcoin passed the 200 million mark in 2022. Today, Bitcoin is approaching 230 million users.

Bitcoin's adoption is slowly growing as more and more people realize that Bitcoin meets a need that will become essential in the future: to be able to control the fruits of one's labor without the risk of inflation eating away at one's purchasing power but also to be able to spend the fruits of one's labor without the risk of censorship.

Focusing on Bitcoin will allow you to save time and protect the fruits of your labor in a future world that looks more uncertain than ever.

Still, on the same topic, I think you might enjoy reading the following article:

"Don’t Make This Mistake With Bitcoin, It Will Cost You a Lot of Money and Time"

Stay strong, Stay Bitcoin HODLers.

Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.