During the latest episode of CNBC’s “Squawk Box,” Blockstack CEO Muneeb Ali weighed in on cryptocurrency regulations and the disruptive potential of cryptocurrencies.
Meanwhile, longtime anchor Joe Kernen drew parallels between Bitcoin and Amazon.
Bitcoin is the new Amazon
Kerner once again reminded that he’s bullish on Bitcoin, but he doesn’t do predictions (he’s not like Tom Lee).
I don’t make forecasts. I have no idea, but I understand the math a little bit better. […] So, I see that it does have value, an unforgeable value or scarcity, whatever.”
Ali called Ethereum “an interesting experiment” while agreeing that Bitcoin is a digital gold. Moreover, he suggested that Bitcoin could the single biggest technical breakthrough of the last decade.
In turn, Kerner has put Bitcoin (the Internet of money) on the same pedestal with electricity and the Internet. He also compared the crypto king to Jeff Bezos-helmed tech behemoth Amazon.
Think about Amazon in 1998 when people didn’t understand it.”
Amazon was at the top of its game during the dot-com bubble, but it felt the bite after the crash. Fast-forward to 2019, it is now considered to be one of the most valuable companies in the world with a market capitalization of $877 bln.
Notably, Bitcoin’s ongoing recovery has been much smoother compared to Amazon.
Not all bubbles are created equal.— Ceteris Paribus (@ceterispar1bus) July 17, 2019
The latest $BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe. pic.twitter.com/P63uQsZmgK
Back in July, Blockstack made history by receiving SEC clearance to hold the first regulated token offering.
Ali points out that US exchanges have to obtain appropriate licenses in order to trade such assets in a fully regulated way.
Given how patchy regulations are in different jurisdictions, Blockstack will first target international customers.