Amazon and Bitcoin (plus select crypto): the parallels are striking. History rarely repeats, but it often rhymes.🧵 •Amazon fell roughly 95% in the dot-com crash. Bitcoin’s 77% and Ethereum’s 82% drawdowns in 2022 look almost modest by comparison. •By 2003, Amazon already controlled about one-third of U.S. e-commerce while most investors had written the internet off. Today, BTC, ETH, SOL and the major stablecoins account for well over 80% of total crypto market cap, with concentration rising sharply since FTX, especially in Bitcoin. •Amazon turned free-cash-flow positive just a few years after its lows. Solana, Hyperliquid, and other leading protocols are now generating hundreds of millions in annualized revenue. •The late-1990s fiber and data-center overbuild later became the backbone for AWS. The 2021–2024 wave of mining, validator, and GPU infrastructure is being repurposed into networks like Helium, decentralized compute markets, and more, which are already seeing real users and meaningful revenue. •In the early 2000s, U.S. internet regulation quietly found clarity while attention was elsewhere. Bitcoin and crypto appear to be in a similar phase with attention focused on AI predominantly: major rules are landing, enforcement cycles are peaking, and stablecoin payment volumes are compounding faster than legacy payment rails. The pattern is consistent: the deepest capitulation tends to coincide with regulatory normalization, visible revenue, and decisive winner-take-most concentration. Amazon bottomed in 2002–2003 and began one of history’s great compounding stories. Bitcoin in 2025 is tracing a very similar arc.(Ξliézer Ndinga)