A renowned partner at venture capital firm CryptoOracle named ‘Lou Kerner,’ compared this ongoing slump in crypto worth to the dot-com burst that occurred in the early 2000’s in a recent interview with CNBC.
On CNBC’s “Worldwide Exchange” show, Kern said that sturdy crypto coins ought to be viewed just like the major firms that came out of the dot-com bubble, utilising the instance of a giant e-commerce company named ‘Amazon’:
“If you return back to the net bubble, that is what lots of people in crypto investigate for direction, Amazon, arguably one amongst the best firms within the history of the mankind, was once down over 95% over 2 years.”
Amazon went public earlier in the month of May in the year 1997, with its share worth of $18 USD per each. By Dec. 1998, the company’s share worth surged above $300 USD per share, however right after the dot-com bubble burst earlier in March 2000, the share worth dropped to simply below $6 USD per share. Over time, Amazon managed to become the 2nd U.S. company to succeed in a market worth of around $1 trillion.
Kerner stated that the current volatility is nothing compared to what old Bitcoin [BTC] investors have encountered, recalling a day earlier in 2013 when the complete crypto market fell by around 70% overnight. “This is what investing your money into crypto’s is all about,” Kerner added, conjointly noting that the impact of all great technological changes is overestimated within the short term and underestimated within the future in a long run.
The renowned venture capital firm additionally stated that Bitcoin [BTC] is “the greatest store of worth ever created,” adding that the leading cryptocurrency can surpass gold over time. once asked what may be behind the recent slump on the cryptocurrency market, Kerner argued that “crypto has been considerably so weak as a result of [for] most of it there’s no underlying price outside of confidence.”
Many business experts have shared a positive outlook concerning the long run of crypto market. Bart Smith, digital asset head at U.S.-based global commerce and technology firm Susquehanna added that he’s still a long-run BTC believer amidst the recent market downfall, outlining that crypto trading is a very great idea an every idea is a long run game.
A partner at the Venture capital firm Blockchain Capital named ‘Spencer Bogart,’ conjointly believes that crypto opportunities are “still gigantic” despite this ongoing market downfall. Spencer conjointly expressed his “mono-crypto” position, stating that Bitcoin [BTC] has the “largest established network effect” and is “more than 5 times larger than the cryptocurrency at second position.”