Massively renowned investor Ruchir Sharma compared the decline in bitcoin price to the downward trajectory of Amazon. Just as Amazon is on the rise again, so will BTC.
Sharma, president of Rockefeller International, expects the downside to continue in the near term, although he has positive expectations for the leading cryptocurrency.
Ruchir Sharma: Bitcoin could make a comeback
Ruchir Sharma joins a caravan of famous names who believe in the future of BTC. Sharma expressed support for the idea of a monetary system that is not tied to the US dollar. According to the famous businessman, although there is no currency to replace the dollar for now, bitcoin could be an option in the future.
“The reliance on the US dollar, in general, cannot continue. There is a need to have another currency, which is a little more stable in value, with some transactional requirements. Three to five years from now, hopefully that BTC will emerge as a more stable asset.”
According to bitcoin-friendly Sharma, BTC could follow a price trajectory similar to that of e-commerce giant Amazon. The well-known investor added that the rise of Amazon (AMZN), which has experienced a 90% drop in the past, may be reflected in BTC prices in the future.
In the early 2000s, with the collapse of the dot-com, Amazon shares suffered a severe loss of value. But over the next 20 years, the stock managed to appreciate more than 300 times. The Rockefeller chairman said that BTC is yet to complete its collapse.
no time to return
Ruchir Sharma pointed out that a harsh crypto winter may continue for Bitcoin over the next six months.
And, in line with the fall in US stocks could fall further over the next six months. Bear markets usually last about a year and stocks fall by 35%, he added. “This current bear market is less than a year old and the S&P 500 is just down 20%.”
Sharma drew attention to the Fed’s moves and said he did not expect to take the risk just yet.
“I am not yet ready to take a bottom call on bitcoin and cryptocurrencies. The US bear market regime, which is a driver of risk appetite around the world, is very much still at play.
Finally, the global collapse is still not complete, but watch this space.
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