“Crypto has been so weak because most of it there’s no underlying value outside of confidence. But Bitcoin, itself, we think is going to replace gold eventually. Gold is an $8 trillion thing.”
So said CryptoOracle partner Lou Kerner in an interview with CNBC. “I think it’s a store of value. I think it’s the greatest store of value ever created,” he added. “It should surpass gold over time. It won’t happen overnight.”
Kerner’s venture capital firm is playing the long game. “If you go back to the internet bubble, which is what a lot of us in crypto look at for direction, Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95% over two years.”
That kind of volatility, while troubling, is nothing compared to what longtime Bitcoin investors must endure. “There was a day in 2013 when we were down 70% overnight. Nobody likes being down like this. But this is what investing in crypto is all about,” Kerner commented.