Financial commentator Clem Chambers recently compared Bitcoin to technology behemoth Apple on the heels of the former’s price capitulation. He also says that he will stack up sats in the coming days.
In his op-ed piece published by Forbes, Chambers ruminates whether Bitcoin will follow in the footsteps of commodities, such as gold or copper, or major tech companies in the likes of Apple.
If the former is the case, Bitcoin will have a couple of ebbing price rallies before being “forgotten.” However, if it replicates the success of big tech, it could surge to unsurmountable highs.
Bitcoin protects itself from exactly the economic reason why high prices are the solution to high prices.
Speaking of the recent sell-off, Chambers says that he will buy the dip, but he won’t make haste.
I will be buying a little in the coming days and more if we hit $6,000 and a lot if we see $4,000.
However, another study showed that it could take years or even decades until Bitcoin reaches a new ATH.
Bitcoin and big tech
Apple, which recently expresses its interest in crypto, was worth 1 percent of the world's GDP after its market capitalization reached $1 trln. It’s hard to believe that the Silicon Valley darling was on the verge of bankruptcy back in 1997 before Bill Gates came to rescue its long-time enemy.
If Apple had gone into bankruptcy, we wouldn’t have had iPhones, iPads and other innovative things produced by this tech juggernaut. According to Chambers, Bitcoin could also represent the future.
Bitcoin is like backing Apple when it was on the edge of going bust: do you believe in the future or not?
As reported by U.Today, CNBC’s Joe Kernen also recently compared Bitcoin to Amazon in order to emphasize the importance of the technology.