When will Bitcoin arrive [BTC] make a comeback? This leader believes …
Ruchir Sharma, CEO and chairman of the board of Rockefeller International, claims that Bitcoin (BTC) is actually a good idea. One that, however, has been ruined by too much access to cheap capital and speculative zeal.
Ruchir Sharma is the latest to join the list of celebrities who support the continued existence of Bitcoin. Sharma expressed support for a currency system that is not based on US dollars. Although it is not a currency that can currently replace the USD, the leader believes that Bitcoin may be one in the future.
Is Bitcoin Like Amazon?
Pro-Bitcoin Sharma claimed that the price of BTC can move in a way reminiscent of the world’s largest retailer – Amazon. The reputable investor claimed that the growth of Amazon, which had previously seen a decline of 90%, can be reflected in the future price of the crypto.
According to him, Bitcoin is still “caught by this speculative mania” and still notices a partial global collapse. He took up the Amazon instance again, and pointed out that it took some time before the company recovered. It took a while before the online store’s shares caught on and surpassed the frothy 1999 level.
The value of Amazon’s shares fell significantly as a result of the dot-com bust in the early 2000s. Nevertheless, over the next 20 years, the value of the shares could increase by more than 300 times.
Sharma also predicted significant declines in Bitcoin and other digital assets over the next six months, at least in part as a result of the ongoing decline in US equities. He pointed out that stocks often fall by the wayside 35% during bear markets, which last around a year. The S&P 500 has only fallen by 20% during this less than one year old bear market.
‘I’m not willing to call [market] bottom so far 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. “
An alternative to US dollars?
Sharma is for a monetary system that is not dominated by the US dollar. According to him, although there has not been a currency that can replace the USD, Bitcoin may be the solution.
– 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. “
Sharma also took up the actions of the Federal Reserve and claimed that he did not expect the risk appetite to open yet.
According to others like Valkyries Josh Olszewicz, volatility must decline before Bitcoin’s price can stabilize at a fixed level on the charts.
