2019-6-1 20:30 |
The sheer amount of speculation and interest in the Bitcoin [BTC] market is at an all-time high now, as its price and market cap has been rapidly rising for the past two weeks. During this time, the cryptocurrency industry has been rife with FUD about the reliability of the world’s largest cryptocurrency, and the entire crypto-market as a whole.
To combat the negative press and critics of the field, Samson Mow, CSO of Blockstream, took the example of an old Steve Jobs speech, tweeting,
“If you took Steve Jobs’s advice at WWDC 1997 & ignored FUD from the media to buy 100 shares of APPL stock for $1,662, today you’d have $498,400. That’s ~300x gains. DYOR & form an investment thesis for why you should buy #Bitcoin. Stick to that thesis. Ignore FUD from the media.”
In the aforementioned video, Steve Jobs, Co-founder of Apple, spoke about how there a perception versus reality problem in the tech industry, Jobs claimed that the press will do what they want and Apple just has to focus on churning out good products for people. He added that if the press is shorting Apple stocks then, “go out and buy some Apple stocks.”
Mow connected this analogy from 1997 to the current state of the Bitcoin market, stating that if a user keeps believing mainstream media, then they are not going to achieve anything in the cryptocurrency industry.
Steve Jobs’ analogy was used by Mow because despite the amped up bad press Apple received during the end of the 20th century, the Palo Alto-based company became the first company to have a trillion dollar valuation. Bitcoin at the moment, still has a lot way to go before breaching the trillion dollar mark in terms of market cap, but 2019 has been the time period for baby steps towards the trillion dollar market.
May 2019 was the first time Bitcoin hit the $150 billion mark in 2019, after languishing in the $50 billion – $70 billion range for extended periods of time. This uptrend was helped by an 11 percent increase in price and famous Bitcoin proponents like Anthony Pompliano had said,
“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”
The post Bitcoin [BTC]: Ignore media’s FUD and stick to BTC’s investment thesis, suggests Samson Mow appeared first on AMBCrypto.
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