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If the current drop in cryptocurrency prices is similar to the 2000 dot-com crash, then Lou Kerner believes Bitcoin will be the Amazonia of the cryptocurrency. The top-ranking virtual currency is currently down 77 percent from its record high in mid-December.
& # 39; Hodlers & # 39; earn prizes every couple of years
Speaking recently a CNBC, CryptoOracle's partner said that long-term Bitcoin holders had huge profits every two years. Kerner's comments come at a time when the BTC and other cryptocurrency prices have fallen sharply.
Kerner has drawn parallels between the current state of the virtual currency market and the situation with technology stocks during the Internet bubble and the subsequent dot-com crash. According to Kerner, Amazon, one of today's largest global conglomerates has seen its stock price plunge massively after the accident.
Commenting on the volatile nature of the market, Kerner said:
C & # 39; was one day in 2013 when we were down 70% overnight. Nobody likes to be down this way. But this is what is investing in the crypt.
The feelings of Kerner, Mati Greenspan, eToro Senior Market Analyst emerges in a striking way published a tweet that shows the percentage drop in some technology stocks during the dot-com crash of 2000. Despite losing nearly 99 percent of the price of its shares after the crash, Amazon became the second US company to achieve status unicorn – a market valuation of $ 1 million.
Comparing cryptocurrency with the Internet bubble of the years is a well used analogy, used by both enthusiasts and critics alike. This last group usually brings the argument to support their bubble statements, while the former uses it as an indication that cryptocurrencies are the next big thing.
Bitcoin is the largest value store
For Kerner, the current price drop is due to the fact that cryptocurrency has not yet been able to generate utility, as most of the trading activity is a purely speculative investment. However, the CryptoOracle partner identified Bitcoin as potentially replacing Gold.
According to Kerner, the first-class cryptocurrency is "the largest store of value ever created". Meanwhile, permabull as John McAfee say that the current price route is nothing extraordinary. Even co-founder of Fundstrat, Tom Lee has recently maintained his year-end forecast of $ 15,000 despite the current price drop.
What do you think of Kerner's analogy between Amazon and Bitcoin? Let us know your thoughts below!
Image courtesy of Steemit, Shutterstock, Bitcoinist archives
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