One financial analyst skimmed at the steps in the stock price of Amazon and Bitcoin just currently and found some similarities amid these two investments.
Here are facts why Bitcoin might become one of the most profitable investment opportunities in the coming years:
- Bitcoin Is Profitable.
Gordon Scott, an educational consultant and analyst explained that Bitcoin is largely similar to Amazon on its early massive steps for stock price since 1997.
He is the Managing Director of the Chartered Market Technician (CMT), a program for the Market Technicians Association. This is a not-for-profit organization of professional technical analysts based in New York. He also toiled for IBM and TD Ameritrade for more than ten years as a transaction coach and e-learning consultant.
- In Likeness To Amazon.
Scott pointed out that the recent run-up in Bitcoin’s price is a sign that there is a lot of possible people initially believing that Bitcoin’s promise could eventually happen. He also sees two similar hits in each case where investors are sighting new technology that could change this world.
When Amazon came out in public in May 1997, they began at $18 each share as their IPO. This had cost Amazon to reach around $438 million. With these figures, Scott observed that the investors were unable to precisely reckon Amazon’s share cost in the first place. He said there is no proper valuation to Amazon’s share considering that investors had obviously just guessed at the value of the company.
He analyzed the prices of Amazon shares covering in the years 1997 to 1999 and with Bitcoin in the years 2016 to 2017 and also in 2009 to 2010. He spotted the giant rise in the marketplace for about 6,000% in its early two years after the IPO, and in the future, would probably be looking cheap if compared to today’s peak price.
Scott concluded that there is a great possibility that Cryptocurrencies would potentially be a life changing mechanism for all mankind. Hence, Bitcoin could also run to profitable multi-decade opportunities for investment that could rise up like Amazon.