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In 1848, gold was discovered at Sutter’s Mill. Thousands flocked to Northern California, seeking their fortunes in mountain streams. Seven years later, it stopped. The surface ore was gone, and the easy money disappeared. The California Gold Rush was over.

Fast forward to December 2017. Bitcoin crashed hard — also about seven or eight years after its big rise began.

While hundreds of years apart, these two gold rushes show us that value is often linked to a level of uncertainty. No one really knew how much gold there really was, and with Bitcoin, the level of unpredictability was exponentially higher than any economic outlook or sports game outcome. One minute it was low, the next sky-high, then a massive drop.

Podcast inventory, and the value of that inventory, is also experiencing a boom. The number of podcasts has grown to 700,000 (though 75% of…

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