The mass adoption of Bitcoin has been one of the main goals the crypto industry set. There have been a lot of moves taking place in this direction, and they continue.
The crypto market has seen some corrections lately, and now it seems that recovery is on its way.
SkyBridge Capital founder Anthony Scaramucci said that Bitcoin (BTC) is an early adoption technology on track to trade like Amazon’s stock price in its early days.
Bitcoin vs. Amazon
In a new interview with CNBC, Scaramucci pointed to Amazon’s stock’s long-term profitability despite various periods of extreme price volatility.
“I lived through [the 2000 Nasdaq debacle], and many things got decimated, but quality things lasted.”
He continued and said:
“You go back through Amazon as an example went through eight periods of time where it dropped at least 50% since its inception, yet if you had a $10,000 investment in Amazon on its IPO, it’s worth $22 million today.”
He also said that this whole thing is about buying quality and recognizing that Bitcoin is not a store of value at this moment, not technically a currency at this moment.
“But what it is is an early adoption technology, an early adoption technical story. With that, there’s going to come a lot of volatility.”
It’s also important to mention that he does not try to predict where that volatility could lead Bitcoin in the short term, but the hedge fund veteran still says he believes the overall trend for BTC is up.
At the moment of writing this article, BTC is trading in the green and the king coin is priced above $47k.
How soon can BTC recover?
More investors are wondering how long could it take until BTC can recover following the latest price corrections.
The anonymous host of InvestAnswers said that historical data is showing the fact that Bitcoin (BTC) isn’t far off from a recovery.
The analyst made sure to explain that the average correction takes 89 days, and the average pullback devaluates BTC about 57% from the top. He also added that the average gains after a correction are a whopping 362%.