Cameron Winklevoss, Gemini’s billionaire co-founder, believes that owning Bitcoin is a “worst decision” to invest in Amazon. Since its inception, Amazon’s inventory has grown from approximately $250 to $3160.
Winklevoss said:
Winklevoss is the first high-level investor to make comparisons between Bitcoin and Amazon.
In November 2018, when Bitcoin’s value fell to the region through $4,000, venture capitalist Fred Wilson BTC to Amazon. He said:
“So while the costs of cryptographic assets have fallen by 80-95% in U.S. dollars over the past year, they may fall and likely fall. Amazon falls 80% a year in the post-bubble bear market and declined in part. before reaching a minimum just two years after his beak.
There is no genuine similarity between Bitcoin and stocks. The first is perceived as a new asset and its description is in dispute. Some see it as a reserve of value, others still see it as a dicy asset.
But one not unusual issue between the two assets is that in their respective times, they were outliers.
In the early 2000s, after the bubble of generation, the market skeptical about the ability of generation actions to survive.
After Amazon reached a top at $90, it dropped to as low as $6, before recovering. In the sense that Bitcoin is at an early stage of its development as an asset and technology, there is a similarity to Amazon.
Wilson two years ago:
“Amazon peaked in the internet bubble in the past 1999 with around $90/share. Almost two years ago, at the bottom, you can briefly buy Amazon at $6/share. And it wasn’t until the end of 2007 that Amazon negotiated above the highs reached in 1999. But, of course, this is all ancient history and if you look at the Amazon chart today, all this turbulence is slightly visible.”
Since June 27, in 4 days, the value of Bitcoin has increased from $8,800 to $11,900, to about 35%.
The explosive call to decentralized finance (“DeFi”) fueled Ethereum, which then increased in BTC and other primary cryptocurrencies.
But Winklevoss said investors who were covering the curve against Bitcoin inflation had also catalyzed the existing recovery in the value of the BTC. He said:
“Unlike 2017, this uptick is handled through Bitcoin as inflation and Ethereum DeFi FOMO.”
Billionaire hedge fund manager Paul Tudor Jones also said in May that he saw Bitcoin as a hedge opposite inflation policy. He said:
“When I think of bitcoin, it’s a small component of a wallet. Possibly the most productive actor of all, I think he can be, too. But I’m very conservative.”
In eleven years, Bitcoin is at an initial level of growth. Improving Bitcoin’s belief as a valuable reserve and possible safe haven asset can be the long-term dynamics of BTC.
I am a money analyst and investor who has been working in the cryptocurrency and generation sector since 2013. I have worked with leading publications in the
I am a money analyst and investor who has been working in the cryptocurrency and generation sector since 2013. I have worked with leading publications in the cryptocurrency chart, offering information, interviews, market research and generation coverage. I have contributed to Cointelegraph, CryptoSlate, CCN, Hacked, Binary District, NewsBTC, CoinJournal and CryptoInsider.