In a series of tweets, Jurrien Timmer, the global macro director at Fidelity Investments, drew parallels between the crypto market and the tech bubble of the late 1990s. Timmer suggests that just as some tech stocks emerged as winners from the dot-com bubble, certain digital assets in the crypto industry will rise while others may fade away.
Could Bitcoin be the “Apple” of digital assets, beating the odds and ushering in a new era of dominance? Read on!
Timmer specifically highlights Bitcoin (BTC) as a potential “Apple” of the crypto world. He explains that similar to how Apple and Amazon survived and thrived after the tech bubble, Bitcoin could also not only survive but also take market share from other digital assets.
To illustrate his point, Timmer overlays Bitcoin’s current chart with that of Apple’s stock and an internet stock index from two decades ago. The charts seem to exhibit similar price patterns, implying a possible correlation between Bitcoin and the successful trajectory of Apple during the dot-com bubble.
He further notes that even Apple experienced a significant decline during the bubble burst, but ultimately recovered and became a dominant force in the tech industry. Whether Bitcoin will follow a similar path remains to be seen.
As of the writing, Apple (AAPL), trading at $0.22 in 2002, has risen to $177.25, reflecting a staggering gain of approximately 80,345%.
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