Crypto VC Compares Bitcoin to Amazon During the Dot-Com Bubble
Lou Kerner, a partner at crypto-focused venture capital firm CryptoOracle, believes a long-term investment horizon for Bitcoin will yield the best results, comparing the latest price action to that of Amazon (AMZN) during the dot-com bubble in the early 2000s.
During a recent interview on CNBC, Kerner drew a comparison between Amazon’s drop from $300 to $6 during the dot-com bubble to Bitcoin’s recent 80% fall from $20,000.
“If you go back to the internet bubble, which is what a lot of us in crypto look at for direction, Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95% over two years,” Kerner said in the interview.
Adding to this, a look at the long-term chart for Amazon makes it difficult to even identify where the massive drop once occurred.
Kerner added that they see Bitcoin as a replacement for gold, calling BTC the greatest store of value ever created.
Crypto has been so weak because most of it there’s no underlying value outside of confidence. [But] bitcoin, itself, we think is going to replace gold eventually. Gold is an $8 trillion thing.
BTC is currently trading for $3,845, giving the cryptocurrency a $66.8 billion market cap and making it around 53.8% of the $124.4 billion crypto market.
More: Crypto venture capitalist: View bitcoin as a survivor like Amazon after the 1990s dot-com bubble
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.