Rockefeller International Managing Director: Bitcoin Could Be Like Amazon After The Dotcom Bubble

Anyone who is old enough to remember the late 1990s surely recalls the absolute madness over internet related stocks. Put a “.com” at the end of your company’s name, and your valuation went bonkers. For a few years, anything .com seemed to make investors a fortune…

That is, until 2001 when the bubble burst, and the NASDAQ fell a remarkable 77%. Companies were destroyed and untold billions in retail investor wealth evaporated.

But today, some of those NASDAQ stocks, namely Amazon (which fell over 90% from its dotcom-bubble peak) not only recovered, but grew into trillion-dollar companies, and the index itself recovered to the tune of 800+%.

Now, the Chairman and Managing Director of Rockefeller International, Ruchir Sharma, sees potential for Bitcoin, and its recent bubble burst, playing out similarly to how Amazon stock did after the dotcom bubble burst.

Additionally, he said, “The dependence on the U.S. dollar in general cannot continue. There is a need for having another currency out there with some transactional need, which is a bit more stable in value. Three to five years from now, hopefully [BTC] will emerge as a more stable asset

“I’m not willing to call the [market] bottom as of yet on bitcoin and cryptocurrencies. The U.S. bear market regime, which is the driver of risk appetite around the world, is still very much in play.”

Since September of 2002, AMZN stock is up over 13,000%. Should BTC offer a similar story as Mr. Sharma suggests is possible, a single Bitcoin (assuming it bottomed at $17.6k) could eventually be worth over $2.3 million.

Read more of Ruchir Sharma’s comments on Bitcoin and Amazon, HERE