Blocktower founder: Bitcoin is the ‘Amazon of crypto’, everything else is a bet

Ari Paul, founder of blockchain investment firm Blocktower Capital, gave his take on this bear market, comparing the current situation to the tech stock crash of 2000. Paul likened Bitcoin to Amazon, one of the companies that survived the market crash.

Paul pointed out on Twitter that while there are some “medium” offerings in the cryptocurrency market, many improvements must be made to become mainstream. Paul also believes that adoption is “five years later” than many had hoped.

The executive also emphasized that during a bull market, Solana’s network outages, Ethereum ’s scaling delays, Bitcoin’s security and future upgrades were all overlooked, but during a bear market “feels very different,” he believes. In this case, optimism is no longer useful.

Paul then compared the cryptocurrency market today to the Nasdaq market in 2000, saying that most cryptocurrencies are risky and in their early stages. However, the Blocktower founder stressed that there will be things like “Amazon” that will survive this crisis. He thinks it might be Bitcoin.

According to Paul, Bitcoin has a “much better odds” than other cryptocurrencies because it has no competition in terms of product and technology. He tweeted:

What about Bitcoin? Bitcoin is “independent” only because it is the only cryptoasset that has no competition in technology or product. It’s mostly a security/stability competition. So I’ve always thought that if bitcoin fails, it’s probably not because it’s been replaced by something better,

— Ari Paul ⛓️ (@AriDavidPaul) June 14, 2022

While sounding bearish, Paul clarified that he is “more bullish” on cryptocurrencies now than he was nearly a year ago. He just wanted to remind people to buy cautiously during the current market downturn.

The impact of the bear market has already had a huge impact on the lives of many workers in the crypto industry. Cryptocurrency exchange Coinbase recently announced that it will lay off 18% of its workforce due to declining revenue and the impact of the bear market.

Meanwhile, some community members provided traders with insights and plans on how to navigate crypto winter. From calculating their risk tolerance and dollar-cost averaging to finding new projects with potential, community members try to encourage others to keep going through the cold crypto winter.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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