Crypto Crash Survivors Could Become Tomorrows Amazons, BOE Says
Bloomberg. An attendee near logos of different cryptocurrencies at the CryptoCompare Digital Asset Summit at Old Billingsgate in London, U.K., on Wednesday, March 30, 2022. Bitcoin and other cryptocurrencies had been, up until the last few weeks, mired in a similar downtrend as other riskier assets, like U.S. stocks. Photographer: Luke MacGregor/Bloomberg
(Bloomberg) -- The survivors of the rout in cryptoassets could become the technology companies of the future rivaling Amazon.com Inc (NASDAQ:AMZN) and eBay Inc (NASDAQ:EBAY)., Bank of England Deputy Governor Jon Cunliffe said.
Cunliffe compared the crash that has wiped more than $1 trillion off the value of Bitcoin and other crypto currencies this year to the dotcom collapse at the start of the millennium.
The analogy for me is the dotcom boom, when $5 trillion was wiped off values, Cunliffe said at the Point Zero Forum in Zurich on Wednesday. A lot of companies went, but the technology didnt go away. It came back 10 years later, and those that survived -- the Amazons and the eBays -- turned out to be the dominant players.
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