The venture capitalist Lou Kerner talked about Bitcoin and compared it to companies in the dot-com bubble. Kerner, partner a CryptoOracle.io, said that Bitcoin (BTC) will survive the current bear market. He has also stated that long-term investors have always been rewarded in the market.
Lou Kerner Positive About Bitcoin’s Future
During an interview with CNBC a few days ago, he said that over any given two-year period Bitcoin holders have always remained profitable. He has also compared the cryptocurrency market with the dot-com era. He said that Amazon started during the dot-com bubble but it survived and it is currently one of the greatest companies all over the world.
About it he said:
“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 mankind, was down over 95 per cent over two years.”
Back in 1997, Amazon went public and each share was sold for $18 dollars. During the next year, it reached $300 dollars per share. However, in September 2001, each share was traded under $6 dollars.
This is something similar to what happened in the virtual currency market between 2017 and 2018. At the beginning of 2017, Bitcoin was traded under $1,000 dollars. At the end of the year, in December, it reached $20,000 dollars. Now, Bitcoin is being traded under $4,500 and there are some experts that believe that it can even reach $1,500 dollars.
Kerner explained that this is how the cryptocurrency market works and that nobody likes to be down in this way. He commented that in 2013, Bitcoin lost 70% of its value. However, he stated that Bitcoin is the greatest store of value ever created.
“Crypto has been so weak because most of it there’s no underlying value outside of confidence,” he mentioned. “[But] bitcoin, itself, we think is going to replace gold eventually. Gold is an $8 trillion thing. I think it’s a store of value. I think it’s the greatest store of value ever created.”
Kerner went on saying that Bitcoin should surpass gold over time, but this is something that will not happen overnight. There are several experts that support virtual currencies and believe that in the future Bitcoin will succeed and eventually grow in price.
Nonetheless, there are several critics and sceptics about the future potential that Bitcoin has. Warren Buffet and Jamie Dimon are just two of them.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
