The former actor turned crypto pioneer made the comments in a recent interview with Fox Business as the digital asset market continued its rapid decline.
Despite the massive downturn, Pierce is still confident that technology has a long way to go, stating, "I think we're exactly where the tech industry was in 1999, 2000."
He added that it is a binary situation with Bitcoin [Trade with Bitcoin system] that goes to more than a million dollars per coin or that goes to zero.
"Many of these projects will go to zero, but many of them will become the eBay, the Amazon, the PayPal of our time and the future, but with probably even greater success."
The dot-com bubble was a stock market boom caused by excessive speculation by internet-related companies in the late 90s. Today, four of the five largest companies globally are based on the internet or technology.
Betting on Ethereum
Pierce is a Bitcoin maximalist, but he also sees a lot of potential in Ethereum [ETH] for additional features like smart contracts he has added to the digital finance ecosystem.
He added that Ethereum is going through a "pivotal moment" with the upcoming upgrade to Ethereum 2.0 or "consensus level" later this year.
"If they can do this, they are well positioned to continue being where they are or even in a better place than they are now."
Billionaire Mark Cuban, owner of the Dallas Mavericks, echoed the sentiment that cryptocurrency is currently going through the same lull that has swept the internet. He added that companies have yet to embrace smart contracts to improve productivity and profitability, which will be the next driver.
“When businesses can use smart contracts to gain competitive advantage, they will. The chains that realize this will survive ”.
Cryptocurrency Markets Down 12%
Total market cap saw one of its biggest daily dips of the year, falling 11% in the past 24 hours. This has resulted in $ 200 billion leaving space since the same time yesterday. Markets have lost 20% of their value in the past 30 days.
Bitcoin fell to its lowest level since July 2021, dropping a touch below $ 30.000 during Tuesday morning's Asian trading session. Most altcoins are down in double digits at the moment as the cryptocurrency bloodbath continues.