I think it definitely has potential, but is lacking in some area's.
It started out strong. Exactly when I thought "this is now repeating too long" you did the 0:29 whatever-you-call-it scary stuff, and I liked it! The silence, followed by the static made me feel a drop or something was coming. Didn't happen :(. Still, the silence at 0:52 was unexpected and delightful. I do think the bassline is repeating a bit too much without anything like a melody or much variation. You've got something nice going here, but it doesn't feel entirely complete yet. Overal though, not bad at all, good job!