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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin myspace aol

MONTREAL, CANADA - FEBRUARY, 2016 - AOL mail and news on the web under magnifying glass.

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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.

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Related Reading | How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”

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 bitcoin user adoption s curve

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.

Related Reading | Bitcoin Fundamental Expert: “Clarity” Comes After “Rocky” Election Ends

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.

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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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