The Bitcoin Blockchain technology rivals the dotcom bubble
Since the inception of the bitcoin protocol that introduced the world of finance and law to the Blockchain. People have linked cryptocurrencies to the early stages of the internet with the development of various applications and platforms. The comparison has become more apparent, with crypto investors pointing out the long-term perspective of this nascent industry, The dotcom bubble rivals cryptocurrencies.
Everyone is busy building on the Blockchain
Back in the days of the early internet and dot-com bubble crash in 2001 to 2002, any Entrepreneur that had a basic idea, gained and cashed in a lot on the global craze after setting up the first domains. The Nasdaq index suffered a crash around this time losing more than 80% of its value, while this also helped to weed out startups that were only focused on short-term gains. The collapse of the Nasdaq allowed for the subsequent growth of Amazon, Google, together with other well-known names on the web today. This era seems to be going in that same direction with the cryptocurrency and blockchain craze. After the crash Amazon and Google moved slightly away from development and started the internet journey of a lifetime, crypto startups are on that same brink today.
Brain Armstrong of Coinbase explained in mid-August to Bloomberg that Facebook was founded after the Nasdaq tumble, the same thing is happening now with countless cryptos and or Blockchain startups that have the chance to make it big. The Coinbase in San Francisco has put the qualms of the bear market aside and has decided to push for the growth of new markets with new platforms, products, and services that will entice users in the coming years. The movement has even convinced tiger global, which is a New York-based hedge fund, that has invested $500 million in the firm with an $8 billion in valuation.
There has been countless numbers of crytocurrency startups that have continued developing its platform. The firms that are bringing out products and services behind the scenes are most likely to become the big players in the crypto industry like Google, Facebook and Amazon did.
This technology carries with it a paradigm shift which makes for true supporters of the Blockchain technology to double down on their involvement in the next coming years.
“We’re in the crypto correction period (ICO bloodletting). Everyone is busy building, less busy speculating. Now is your chance to prepare Accumulate, Build, learn networking and be ready!” in a stated by Bully.
People must have more patience as this will pay off in the future
Changpeng CZ Zhao, has been calling out for patience within the industry for a while, with the like of Peter Smith. In a recent post on twitter, he commented that while the Blockchain and cryptocurerncy innovations are far from biting the dust, it is also important to step back and have a look at the developments happening. The building of crypto assets adoption today will benefit humanity greatly in the future.
The Chief strategist at Coinshares, Meltem Demirors has also been telling investors to be patience, in a talk with CBNC Fast Money panel back in August Demirors brought up the performance of leading internet stocks in order to explain the pinpoints of crypto, 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 and back to peak. Right? so you had to hold Amazon for nine years to recover your value. If you look at Intel, 15 years and Microsoft took 17 years.”
This has a strong link back to crypto as technologies like this that shift the paradigm are not yet fully understood by the majority nor is it adopted overnight. But cryptocurrencies are here to stay, looking at the fact that we are in a revolution in monetary value, it is hard to see any crypto assets failing completely as they will also have some value that is transmissible on a peer-to-peer basis.
What is your opinion on the market developments of the Blockchain, Please feel free to leave a comment down below.