The recent market crash and Bitcoin [BTC]’s tumble from the $6000 mark has caused a ripple in the cryptoverse, causing many supporters of the cryptocurrency to make its case.
The latest proponent to relay his comments on Bitcoin was Lou Kerner, a partner at CryptoOracle, who touched upon the cryptocurrency’s current slump and the money involved in the market. Kerner stated that investors need not worry about the crash as Bitcoin has done it several times before.
According to him, people in the space need to HODL without worrying about the immediate effects and picture the long-term benefits. He added:“For as long as I can remember, Bitcoin has followed this pattern: this continuous rise and fall throughout the spectrum. If you compare Bitcoin of today and Bitcoin of yesterday, you will not see any change.”
Kerner went on to compare the financial structure of Bitcoin to that of Amazon, saying that Amazon had incurred massive losses in the beginning but that had not impacted the profit surge it was enjoying right now. According to him, in 20 years Bitcoin will be a commodity that will be widely accepted and the current market crash will only been seen as a small blip and not a bubble burst.
The CryptoOracle official has also claimed that with all the furor in the cryptocurrency market, lawyers involved in the space has made a lot of money. He added:“People who have gotten into the space and held on are in it for the long run. There have been many people who made a lot of money by just entering and leaving quickly but they are the ones who do not trust the system. The price decline right now does not have a long-term impact.”
Lou Kerner had also made news recently when he had supported Bitcoin as a store of value. The official had stated:“A lot of the users thing Bitcoin and cryptocurrencies need to evolve to achieve a certain purpose. Bitcoin does not need to evolve to compete with gold. It is already there.”