Blocktower founder: Bitcoin is the "Amazon of encryption", everything else is a bet

Ari Paul, founder of blockchain investment company Blocktower Capital, expressed his views on this round of bear market. He compared the current situation with the collapse of technology stocks in 2000. Paul likened Bitcoin to Amazon, one of the companies that survived the market crash.

Paul pointed out on Twitter that while there are some “middling” offerings in the cryptocurrency market, a lot of improvement has to be done to become mainstream. Paul also believes that adoption is "five years later" than many hoped.

The executive also emphasized that during the bull market, Solana's network outages, Ethereum's scaling delays, Bitcoin's security, and future upgrades were all ignored, but "feels very different" during the bear market, which he thinks In this case, optimism is no longer useful.

Paul then compared today's cryptocurrency market with the Nasdaq market in 2000, saying that most cryptocurrencies are risky and in their early stages. However, the Blocktower founder emphasized that there will be something like an "Amazon" that will survive this crisis. He thought it might be Bitcoin.

According to Paul, Bitcoin has "a much better chance" than other cryptocurrencies because it has no competitors in terms of product and technology. He tweeted:

What about Bitcoin? Bitcoin is "independent" simply because it is the only crypto asset that has no competitors in terms of technology or products. It mainly suffers from competition on security/stability. So I've always thought that if Bitcoin fails, it probably won't be because it's replaced by something better,

— Ari Paul ⛓️ (@AriDavidPaul) June 14, 2022

Despite sounding a bit bearish, Paul clarified that he is now “more bullish” on cryptocurrencies than he was nearly a year ago. He just wanted to remind people to buy cautiously during the current market downturn.

The impact of the bear market has already had a huge impact on the lives of many workers in the crypto industry. Cryptocurrency exchange Coinbase recently announced that it will lay off 18% of its workforce due to declining revenue and the impact of the bear market.

Meanwhile, several community members offered traders insights and plans for how to survive the crypto winter. From calculating their risk tolerance and dollar cost averaging to finding promising new projects, community members try to encourage others to keep going through the cold crypto winter.