LOU KERNER COMPARED BITCOIN TO AMAZON
The partner of venture capital firm CryptoOracle Lou Kerner, in the program “Worldwide Exchange” that goes on CNBC, compared the current recession of courses of virtual currencies with the bursting of the dot-com bubble in the early 2000.
According to Kerner, strong cryptocurrencies can be compared to large companies that survived the dot-com bubble – like the e-Commerce giant Amazon:
“If we recall the Internet bubble, which is what a lot of us in crypto look at for direction, the shares of Amazon, undoubtedly one of the greatest companies in the history of mankind, lost 95% of its value in two years.”
Amazon entered the IPO in May 1997, when one of its shares was worth $18. By December 1998, the company’s stock price soared to $300, but in March 2000, it fell to $6. Over time, however, Amazon became one of the largest US companies with a market capitalization of $1 trillion.
According to Kerner, the current volatility is nothing compared to what investors faced in 2013, when the bitcoin market suddenly collapsed by 70%.
“This is the whole point of investing in cryptocurrencies,” said Kerner.
In his opinion, the impact of large technological changes in the short term is overestimated, and in the long term, on the contrary – underestimated.
Kerner also said that bitcoin is “one of the greatest funds of accumulation created in history”, and added that over time, BTC in this respect will bypass even gold.
Earlier, the partner of the venture firm Blockchain Capital Spencer Bogart said that he also believes that the potential of bitcoin is “still huge”, despite the bearish sentiment in the market.