The founder of blockchain investment firm Blocktower Capital, Ari Paul, after weighing in on the bear season, has likened the situation to the tech crash that happened in the year 2000. Paul compared Bitcoin (BTC) to Amazon, one of the companies that survived the market crash back then. Paul’s points in a Twitter thread noted that while there are “modest” products in the crypto space, there is still a need for lots of improvements to be done for them to reach the mainstream.
He also noted that the cryptocurrency adoption is “five years behind” from what many hoped. On the thread, Paul also highlighted the many issues facing different cryptocurrencies, including Solana’s network outages, Ethereum’s delays in scaling, and Bitcoin’s security and future upgrades. He noted that these issues are often overlooked during bull trends but “feels different” during a bear run, citing that optimism may not be enough of a solution at this point.
After enumerating these points, the Blocktower founder compared today’s market to Nasdaq’s market in 2000, stating that most cryptos are still in their early stages and are risky. However, Paul highlighted that there would always be an “Amazon” that would survive the crash. He predicted that Amazon would be Bitcoin. According to the founder, Bitcoin is well placed as it has better odds than other cryptos because it doesn’t have a competitor in terms of technology and products. Despite sounding bearish, Paul reiterated that he is more bullish on cryptocurrencies now than last year. He clarified that he just wants to warn people to be cautious about what they buy during this market meltdown.
The impacts of this bear season can be felt by almost all cryptocurrency spaces as it already affects the livelihood of many workers in the cryptocurrency industry. Many crypto companies have begun to lay off their workers because of a decline in revenue. Meanwhile, community members have looked for means to survive this season as new projects are being implemented to encourage each other amidst these turbulent times.
Featured Image: Megapixl © Kaedeenari