Wealth Manager Explains Why Bitcoin Won’t Become The AOL Or MySpace of Crypto

Tony "The Bull" Severino

1 year ago

2 mins read

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Bitcoin draws comparisons to just about everything under the sun. Gold, the internet, even rat poison. But comparisons with the fossils of the early internet age like AOL or MySpace? One wealth manager with a focus on crypto explains why this simply will not be.

Brilliant Business Minds Agree: Bitcoin Is As Powerful And The Internet Or The PC

Some of the most brilliant minds in the world and big-name investors from the dot com boom also believe in Bitcoin. Venture Capitalists Tim Draper and Marc Andreessen from Andreessen Horowitz immediately come to mind.

Andreesen, a tech entrepreneur who built his empire from riding the waves of the early days of the internet, says Bitcoin is as powerful as the PC, and the internet.

The transformative financial technology is a layer for the future to eventually be built on, much like the early days of TCP:IP and early PCs. It is not quite there, but that hasn’t stopped the crypto asset’s market cap from reaching $200 billion.

Why The Top Cryptocurrency Won’t End Up Like AOL Or MySpace

The $200 billion market cap cryptocurrency has drawn comparisons with dot com companies that have since gone defunct or were dethroned.

The first comparison was positioning Bitcoin next to MySpace. MySpace was the first major social network to exist and get its footing, yet it failed to evolve and stay ahead of the competition. Eventually, from MySpace’s fall arose Facebook, Twitter, Instagram, and TikTok – today’s new top giants.

Could Bitcoin fall the same fate? No, says Andy Edstrom, author, wealth manager, and head of institutional at Swan Bitcoin. The self-proclaimed “hard money enthusiast” says that following MicroStrategy CEO Michael Saylor’s notion that any tech brands with a $200 billion or more valuation, make them a clear “category winner” is a smart play.

In the thread, another category comparison came up, putting Bitcoin next to the king of dial-up internet in the early days of modem technology, AOL.

BTCUSD Weekly Long-Term Technology Adoption Curve | Source: TradingView

America Online exploded in growth and visibility during the peak of the dot com boom, reaching a valuation for $200 billion – the same about as Bitcoin.

Today, the company is a shadow of its former self, best left to the horrid-sounding memories of connecting via the phone line.

Edstrom points out that AOL’s peak valuation was achieved during the dot com boom, meanwhile, Bitcoin has maintained this valuation after the crypto bubble popped.

Once Bitcoin’s uptrend begins again, it will become the true test of if the asset evolves into what the likes of Draper and Andreseen see in its potential, and to the incredible prices that some experts predict.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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