Despite the wild volatility in the bitcoin price over the past few weeks, the well-known bitcoin investor Tuur Demeester has said that we’re not in the bear market and he insists that we are currently in a state of “post-ICO-bubble bitcoin bull market.”
This is no "crypto bear market" but rather a post ICO bubble bitcoin bull market. The year is 2003, 99% of dotcom IPOs are dead, and just like AMZN then, BTC today is a screaming buy. pic.twitter.com/hGMbiZbN0q— Tuur Demeester (@TuurDemeester) September 6, 2019
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space.
The so-called ICO bubble that occurred at the end of 2017 that triggered further institutional investment and bitcoin to surge to its all-time high of $20k was the first time that we saw such big interest in the market from mainstream media outlets like CNN and the BBC.
Demeester indicated that the leading cryptocurrency will eventually skyrocket in a similar sense to that of Amazon’s stock. He considers bitcoin as “a screaming buy” despite the bout of volatility.
The analyst claims that right now, bitcoin is where Amazon was in 2003.
This is a confident statement from the founder of Adamant Capital, which is a firm that calls itself a ‘bitcoin alpha fund’ that promises to outperform bitcoin in a manner similar to tax.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!