The cryptocurrency analyst and VC advisor Low Kerner compared Amazon to Bitcoin saying that Amazon plummeted before being the company that currently is. Bitcoin is almost 80% down since reaching $20,000 dollars at the end of 2017 and the bear market might not be close to an end.
During a conversation with CNBC, Kerner said that, in the long term, Bitcoin investors are expecting massive gains. However, the investment time-span is not a few months, but instead, a few years.
Kerner has also compared Bitcoin and the crypto market with the dot-com bubble back at the beginning of the century. Several companies such as Amazon lost more than 95% of their value before skyrocketing again.
Kerner said during the interview:
“There was a day in 2013 when we ere down 70 per cent overnight. Nobody likes being down like this. But this is what investing in crypto is all about.”
Mati Greenspan, a Senior Market Analyst at eToro, uploaded an image to Twitter in which he shows how different companies fell more than 99% during the Dot-com bubble. Although some of them were not able to recover from that bear market, Amazon and Yahoo, for example, which registered losses of 98-7 and 96.4 per cent respectively, are now part of the most important and valuable companies around the world.
I'll just leave this here… pic.twitter.com/YsL0JRFAxA
— Mati Greenspan (@MatiGreenspan) November 22, 2018
There are other cryptocurrency bulls that said that Bitcoin and other virtual currencies will start to grow in the near future once again. In the coming months, Fidelity Investments, Goldman Sachs and the Intercontinental Exchange (ICE) will be launching products that would allow companies and wealthy investors to have exposure to the crypto market.
John McAfee, one of the most popular figures in the crypto space, said that people have panicked and the market has fallen even when there is no reason to be panicked.
People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
Fundstrat Global’s Thomas Lee has also stated that Bitcoin will be worth $15,000 by the end of the current year.
Bitcoin is currently traded around $4,328 dollars. Its market capitalization is $75.28 billion.