Analysis Puts Bitcoin’s Value at $600,000 When Comparing BTC’s Bubble vs Internet’s Dotcom Crash/ bitcoin margin trading,bitseven,bitcoin exchange,Cryptocurrency exchange
Bitseven.com - Bitcoin (BTC), the most popular digital asset in the market, could grow up to 30000% if we compare its trend with the Dotcom bubble. There have been several comparisons made between Bitcoin, gold and the Dotcom era.
During the 1990s the internet started to grow and expand all over the world. The number of households with a computer increased from 15% to 35% in just a few years. What before was a luxury item, it started to become a necessity. Due to such a growth in the market, new companies started to operate. At the same time, there were low-interest rates and firms started to purchase .com addresses. Thus, investors were placing their funds in these companies just because of their .com suffix. Nevertheless, some of them were never profitable. This is why several companies became overvalued due to speculation. Between 1995 and 2000, the Nasdaq composite stock market index grew 400% reaching an all-time high of 5048 points. There were several individuals that left their jobs just to start trading. Many of them became millionaires overnights. There were several companies that on March 10, 2000, decided to sell their stock. These companies were Dell, Cisco and many others such as Intel. The Nasdaq dropped 77% from its all-time high. Just 48% of the companies in the market were able to keep operating. The dominant companies were able to surpass their all-time highs and become market leaders. Thus, this exponential growth experienced by Bitcoin and other digital currencies in the market can be compared to the dotcom bubble. In 2017, Bitcoin reached a price record of $20,000. After it, the popular digital asset plummetted more than 80%. At that time, the blockchain and crypto firm Elementus explained that Bitcoin was in a bubble, similar to the dotcom space in the 1990s. Amazon was one of the most valuable companies back in the 90s. It reached $107 and it dropped more than 90% and it was traded at around $6. In order to be traded close to its highs, Amazon had to grow around ten years. Back in August 2018, Amazon recorded a new all-time high at $2012 per share. This represents a growth of 30000%. This shows that Bitcoin could recover from its lowest point reached in December 2018. In the future, it could eventually increase its price by 30000%. In order to do so, Bitcoin would have to drop down to $2,000, make a bottom and start a bull trend after it. If that happens Bitcoin could be traded around $600,000 in the next two decades. Venture Capitalist Fred Wilson commented about this: “A friend of mine has a great line. He says ‘Nothing important has ever been built without irrational exuberance.’ Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance the building of the railroads or the automobile or aerospace industry or whatever.” Currently, each BTC can be bought for $3,782 and it has a market capitalization of $66.45 billion. Bitcoin would have to drop around 40% if it wants to reach $2,000. Nonetheless, there are also other individuals very bullish about the future of this digital currency. John McAfee, for example, predicted that Bitcoin would reach $1 million as soon as in 2020 after the halving that the network is going to experience in May next year.
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