The founder of Blocktower says that Bitcoin is the ‘Amazon of crypto’ and everything else is a bet.
Paul highlighted that Bitcoin has “far better odds” than other cryptocurrencies because it has no competitors as a product.
Ari Paul, the founder of blockchain investment firm Blocktower Capital, compared the situation with the technological catastrophe of 2000 and weighed in on the bear market. Paul compared Bitcoin (BTC) to Amazon, one of the companies that survived the market collapse.
In a Twitter thread, Paul noted that while there are “modest” products in the crypto market, much needs to be done to reach the mainstream. Paul further argues that the adoption is “5 years behind” the expectations of many.
The executive also emphasized network outages in Solana (SOL), delays in scaling Ethereum (ETH), and Bitcoin’s security and upcoming upgrades are overlooked during bull runs but “feels very different” during a bear market, disagreeing that confidence wouldn’t cut it anymore in this situation.
Paul compared today’s crypto market to Nasdaq’s market in 2000, saying that most cryptos are risky and early stage. However, the Blocktower founder highlighted that there will be something like “Amazon” that will survive the crash. He believes that it could be Bitcoin.
Paul stated Bitcoin has “far better odds” than other cryptocurrencies because it doesn’t have a competitor as a product and in terms of its technology.
Although sounding bearish, Paul explained that he is “more bullish” on crypto now compared to almost a year ago. He just wants to warn people to be careful of what they buy during the current market downturn.
The bear market impact has had a profound effect on the livelihoods of many workers in the crypto industry. Crypto Exchange Coinbase recently announced that it will lay off 18% of its employees due to the collapse of revenue and the bear market.
Meanwhile, some community members have provided traders with insights and plans on what to do to survive the crypto winter. From finding out their risk tolerance and dollar-cost averages to finding potential new projects, community members try to encourage others to move forward despite the cold crypto winter.
