Bank of England Deputy Governor: Crypto Crash Survivors Could Become Tomorrow's 'Amazons and eBays'

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9w ago2022-06-23

The Bank of England's deputy governor Jon Cunliffe has likened the current crypto market crash to the dot-com crash of the late 1990s—and suggested that the survivors could evolve into the "Amazons and eBays" of tomorrow.

"The analogy for me is the dot-com boom when $5 trillion was wiped off values," Cunliffe said during the Point Zero Forum in Zurich on Wednesday, as reported by Bloomberg. "A lot of companies went, but the technology didn’t go away."

He added that a decade later, "Those that survived—the Amazons and the eBays—turned out to be the dominant players," he said.