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Buying Bitcoin today is like buying Amazon, said Dave Weisberger on Monday.
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According to him, the key question was whether investors were in time to capture the upside.
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Not everyone is sold on the bullish thesis, with Bloomberg’s Mike McGlone warning Bitcoin was still in a bear market and has yet to face a real macro stress test.
Buying Bitcoin (BTC) today is less about whether the asset succeeds and more about when investors enter the cycle, according to veteran trader Dave Weisberger.
Speaking on The Wolf Of All Streets podcast, Weisberger drew a parallel between buying Bitcoin and buying Amazon (AMZN) before its historic rise, but said today’s buyers won’t know for years whether they bought near the equivalent of Amazon’s early lows or before one of its painful crashes.
The entry point was the defining question for every investor in the asset today, said Weisberger. “Buying Bitcoin is like buying Amazon,” said the veteran Wall Street investor. “The question is, do you buy Amazon at $90 before it went to nine, or do you buy Amazon at $9 before it went to over $1,000?”
Bitcoin’s price has been trading down by over 2% over the past 24 hours, with the price at $63,000. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ zone, while chatter levels around it remained at ‘low’ levels over the past day.
Bitcoin’s Big Test
But Bloomberg Intelligence senior commodity strategist Mike McGlone was less subtle in his bearish assessment. The crypto was in a bear market, he said, and the shakeout was “far from done.”
“The big test has not yet started,” McGlone said, adding that Bitcoin has already failed the test, which he argued comes when the S&P 500 (SPX) drops 10% or more and stays down. If Bitcoin dropped 20% to 30% with equities falling, then the macro asset thesis was broken, he said.
In a Stocktwits poll asking whether Bitcoin would end the month in the green, 42% voted it would, while 41% voted it would not. 12% of users voted that they were unsure, while 5% voted that, on the last day, it would “flush to red.”
Bitcoin Is Not The Only Crypto Drawing Amazon Comparisons
Weisberger was not alone with the Amazon analogy. Fundstrat co-founder Tom Lee also compared the current state of Ethereum (ETH) to that of Amazon before its AWS division changed the company’s growth trajectory, and to Nvidia (NVDA) before the surge in demand for its chips due to AI, suggesting both as instances of assets that the market had not yet priced in the fundamental shift in utility.
