Here’s how skepticism toward Bitcoin today parallels the critiques against Amazon in 1995:

1. Online Shopping → Bitcoin Adoption

Amazon: People doubted consumers would embrace online shopping.

Bitcoin: Critics argue mainstream users won’t adopt Bitcoin for payments or as a store of value.

2. Book Market Challenges → Use Case Viability

Amazon: Established players (e.g., Barnes & Noble) were dominant, and books had low profit margins.

Bitcoin: Fiat currencies dominate, and Bitcoin’s transaction speed, fees, and volatility make it impractical for daily use.

3. Unproven Model → Unclear Long-Term Value

Amazon: A growth-over-profit model was seen as unsustainable.

Bitcoin: Critics question whether Bitcoin is a bubble, citing energy costs and lack of intrinsic value.

4. Small Online Retail Market → Limited Market Adoption

Amazon: Few internet users and low trust in e-commerce hindered growth.

Bitcoin: Bitcoin adoption is limited to niche groups, with many unfamiliar or mistrusting of it.

5. Competition → Other Cryptocurrencies and Centralized Systems

Amazon: Competitors could easily replicate e-commerce platforms.

Bitcoin: Thousands of alternative cryptocurrencies and central bank digital currencies (CBDCs) challenge its dominance.

6. Dot-Com Skepticism → Crypto Skepticism

Amazon: Many believed internet businesses were speculative and doomed to fail.

Bitcoin: Critics see Bitcoin and crypto as a speculative fad, vulnerable to regulation and collapse.

Bitcoin faces challenges similar to Amazon’s early days but could follow a similar trajectory of overcoming doubts through innovation and adoption.

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Amazon went public on May 15, 1997, at an initial price of $18 per share. Investing $1,000 at that time would have purchased approximately 55.56 shares. Considering stock splits and price appreciation, those shares would be worth over $10 million today.