Commenting on the Amazon company’s fall below $ 1 trillion in market value, Changpeng Zhaosaid that the total value of the entire crypto money market is not even as much as a company, and despite this, all eyes in the media are on the crypto industry.
Changpeng Zhaoclaimed that this indicates that we are still in the early stages of cryptocurrencies at the moment.
Zhao also argued that the reason for so much interest in the cryptocurrency market, which has no market cap even as a company, is that this technology is the future itself.
“All of crypto combined is smaller than one single company. Still early days… But so much attention on crypto. Because it’s the future.”
Amazon, one of the most well-known brands in the world, became the first company to lose 1 trillion dollars in market value. This loss was recorded as the biggest loss in history and revealed that the company has experienced such extreme losses for the second time this year. Last month, Bloomberg reported another $1 trillion loss in Amazon’s market value.
Undoubtedly, economic factors have greatly affected the losses, and recession fears have been at the forefront and on the agenda for most of the last few months. As a result, Amazon is not alone in its massive losses. All tech companies have collectively lost nearly $5 trillion in market value this year alone.