We are in the brink of a downward fall of the crypto market. After reaching nearly $20,000, the price of Bitcoin has corrected many times this year and is currently below the $7,000 market gap.
For investors, this means a lot – and the optimistic views of a new recovery are less and less present. However, when we compare crypto to some of the biggest names in technology such as Amazon, Intel, and Microsoft, we can easily see that they also struggled for 10+ years before going in the green.
One of the analysts who recently confirmed this is Phillip Nunn. As a CEO of Wealth Chain Capital and a crypto-centric entrepreneur, he published a tweet to remind his followers that they should keep their heads high despite the falling BTC prices.
Amazon at its peak took nine years to recover from peak, troff, back to peak.
— Phillip Nunn 🚀 (@PhillipNunnUK) August 19, 2018
Nunn also drew attention to the fact that the prices of the publicly-traded Amazon, Intel, and Microsoft all took over a decade to recover. As he said, investors need to “change their outlook – bravery will return massive amounts in Bitcoin and Crypto.”
Nunn was not the first analyst to make such bold statements and comparison so far. In a recent CNBC Fast Money episode, the CSO of Coinshares, Meltem Demirors, also drew connections to the two markets, stating:
“Let’s go back to the analogy that everyone uses… 1999 and the internet stocks. So if we look at Amazon, Amazon at its peak took 9 years to recover from peak, troff, back to peak. Right? So you had to hold Amazon for nine years to recover your value. If you look at Intel, 15 years — Microsoft, 17 years.”
So, it is safe to say that the crypto and blockchain industries today lie in a similar position to the Internet in the mid-90s.
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