CryptoOracle venture capitalist Lou Kerner believes that Bitcoin (BTC) will pull a move similar to that of Amazon during the dot-com era.

Kerner likened the cryptocurrency’s current performance to e-commerce giant Amazon’s performance during the dot-com bubble. The firm’s shares gained significant value during the dot-com bubble. However, the share price took a massive hit when the bubble burst, dropping from $300 to a mere $6. He has likened this drop to Bitcoin’s performance for the better part of this year. The cryptocurrency dropped from its $20,000 peak to around $3998 at the time of this press.

Crypto venture capitalist: View bitcoin as a survivor like Amazon after the 1990s dot-com bubble https://t.co/2QsxjmiF9C

— Lou Kerner (@loukerner) November 21, 2018

Kerner is optimistic about Bitcoin’s performance in the long-run

The venture capitalists also predicted that Bitcoin will perform just like Amazon in the future. He referred to the fact that Amazon beat the odds to become the modern-day trillion-dollar giant company that is shaping the retail landscape. Amazon’s share price is currently at $1,502, which is an impressive feat from $6 after the dot-com bubble. However, it took years for Amazon to get where it is, and Kerner is convinced that Bitcoin’s price will also recover impressively in the future.

“I think it’s a store of value. I think it’s the greatest store of value ever created. It should surpass gold over time. It won’t happen overnight,” Kerner commented about Bitcoin.

The recent cryptocurrency crash caused concerns over Bitcoin’s ability to recover. Some believe that it will not happen but there are others like Kerner that are convinced that it is best to focus on the long-run performance.

Kerner believes that Amara’s law will come into play as far as Bitcoin’s performance is concerned. The law points out that the results of great technological advancements are often overestimated in the short-run and overestimated in the long-run. Bitcoin investors should, therefore, expect to make profits in the long-run.

The venture capitalist believes that Bitcoin is a store of wealth

Kerner still holds on to his belief that Bitcoin is a store of wealth just like gold. He claims that Bitcoin is already there and that it does not need to evolve, contrary to many cryptocurrency users’ beliefs.

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