Intel and Microsoft Took Ten Years To See Gains, Cryptocurrency Market Is Not Dead Yet
Many people believe that the blockchain market is done by now. Bitcoin has lost most of its value since the end of last year and the whole industry is facing a tough downtrend. However, it is still too early to believe that the industry is doomed.
The crypto market has certainly fallen from its all-time highs of 2018, but this bearish sentiment was mostly provoked by how the prices spiked after the 2017 bull run. Crypto acceptance will not happen overnight and serious investors know that blockchain is more than bubbles and buzzwords.
A Bright Future
According to 99Bitcoins, Bitcoin is dead… about 308 times and counting. The naysayers believe that the token is dead all the time and there is simply no truth to these predictions. Recently, Phillip Nunn, the CEO of Wealth Chain Capital, has reminded his Twitter followers that they should keep strong on Bitcoin despite the prices dropping.
Nunn stated that Intel took 15 years to actually become profitable, while Microsoft took 17 years. According to him, Apple nearly went bankrupt in 1997. Cryptocurrencies will turn around and get their place in the market, he defends, but you will have to be patient and careful with them.
He noticed that after the internet boom and the dot-com bubble crash, it took years for some companies to recover, but they certainly did, Amazon, Intel and Microsoft’s stocks are all very valuable today.
Other People Agree With Nunn
Phillip Nunn was not the only one to make these predictions. Coinshares CSO Meltem Demirors has also drawn connections between these companies and cryptos. He recently affirmed that Amazon peaked in 1999 and it took 9 years for the company to fully recover its stocks after the crash.
According to him, revolutionary technologies are simply never understood right away. They are not fully understood by people and neither adopted overnight. He cited the economist Paul Krugman as an example.
Krugman stated that the internet would not impact the economy more than fax machines. According to him, its adoption would slow drastically by 2005. Krugman affirmed that in 1998 and his infamous quote has been immortalized on the internet.
Even today, a lot of people think that cryptocurrencies will not last longer, but other innovators are aware of the potential of this technology and its similarities with the internet. This sentiment has been echoing for quite some time now and it is a proof that the blockchain is here to stay.
Recently, Blockchain CEO Peter Smith has highlighted that it can take quite some time before the blockchain reaches its potential. And that’s ok. While not happy news for the bulls in the market, things are simply the way they are and having faith in the long strategy is a good way to profit from this market.