The past few days in the cryptocurrency market has been something of a rollercoaster with the prices dropping substantially after a prolonged sideways movement. Bitcoin [BTC], which has fallen to a yearly low, has sent shockwaves across the market leading many to believe that the cryptocurrency is losing its stronghold.
In an interview with CNBC, Lou Kerner, a Partner at CryptoOracle, spoke about how Bitcoin will be accepted in the future and the recent market crash. The financial official stated that cryptocurrencies have been weak because there is no value in an undervalued commodity.
He claimed that Bitcoin is “the greatest store of value ever created” and can even surpass gold. Kerner explained that the cryptocurrency market is compared to the internet bubble which had occurred in the early 2000s.
“Commodities such as cryptocurrencies will reach highs and lows. For example, Amazon had fallen by a massive 95% and look where they are right now. Prices will fall, it is only the long run benefits that we need to keep a lookout for.”
The discussion also covered the way in which people in the industry want blockchain technology and Bitcoin to save the world right now. Kerner also informed users that the value of the industry is not just determined by Bitcoin or another cryptocurrency but it rather encompasses everything ranging from blockchain technology to smart contracts.
The CryptoOracle official also touched upon the recent market crash that saw a lot of cryptocurrencies fall to record lows. Kerner went on to say that the excitement shown by people should be consistent and that users and holders need to be patient with the market. According to him:
“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”
Lou Kerner added that people in the space tend to get ahead of themselves about the profits they will get. He assured that HODLers will be rewarded sooner or later.
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