Ruchir Sharma, Rockefeller International Chairman: Bitcoin Will Return
Ruchir Sharma, a well-known investor by the way, has compared the decline in Bitcoin prices with Amazon’s downward trajectory. Just as Amazon is rising again, so will BTC.
Sharma, chairman of Rockefeller International, expects the decline to continue in the short term, although he has positive expectations of the leading cryptocurrency.
Ruchir Sharma: Bitcoin could make a comeback
Ruchir Sharma joined the caravan of famous names who believe in the future of BTC. Sharma expressed support for the idea of a currency regime that is not pegged to the US dollar. According to the well-known businessman, although there is no currency to replace the dollar yet, Bitcoin may be an option in the future.
– The dependence on US dollars can generally not continue. There is a need to have another currency out there with some transactional need, which is a little more stable in value. Three to five years from now, hopefully BTC will emerge as a more stable resource. “
According to Bitcoin-friendly Sharma, BTC can follow a similar price path as e-commerce giant Amazon. The famous investor stated that the increase in Amazon (AMZN), which experienced a 90% decline in the past, can be reflected in future BTC prices.
In the early 2000s, with the dot-com collapse, there was a serious loss of value in Amazon shares. But over the next 20 years, equities managed to strengthen more than 300 times. The Rockefeller chairman says BTC has not yet completed the collapse.
It’s not time to return yet
Ruchir Sharma pointed out that a harsh cryptocurrency winter could continue for the next six months for Bitcoin.
And over the next six months, there may be further declines, in line with a decline in US equities. He said that bear markets usually last about a year and stocks fall 35%. “This current bear market is less than a year old and the S&P 500 has fallen by only 20%.”
Sharma drew attention to the actions of the Fed and said that he did not expect the risk appetite to open yet.
“I am not willing to call the bottom for the time being on bitcoin and cryptocurrencies. The US bear market regime, which is the driver of risk appetite around the world, is still very much in play.”
In conclusion, the global collapse is still not complete, but stay tuned here.
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