Ruchir Sharma, president of investment management firm Rockefeller International, is bullish on Bitcoin’s future as the cryptocurrency enters the current bear market.
Sharma believes Bitcoin will “make a comeback” but claims the cryptocurrency market needs to shed the weak asset before it can bounce back, he said during an interview. Coindesk TV on July 8th
Sharma said Federal Reserve policies are hurting bitcoin and crypto in general, but added that the current slowdown is part of a normal growth path. The strategist, who previously served as chief strategist at Morgan Stanley, acknowledged that the cryptocurrency’s recent growth has been a bubble and that Bitcoin will stand out once it bursts.
“We need extras to get out then we can see the rise of bitcoin and cryptocurrencies as stable assets. But now he’s caught up in this speculative frenzy.<…>It’s just a matter of time,” Sharma said.
future price movement of bitcoin
Sharma likened the crypto market movement to the dot-com bubble that led to the rise of giants like Amazon (NASDAQ:AMZN).
Bitcoin is fundamentally a good idea, according to Sharma, and has the potential to become an alternative to US dollar dominance. He added that the opportunity for Bitcoin to become a major global currency is now open.
However, he pointed out that the next six months will be crucial for Bitcoin’s prospects, especially due to the monetary policies taken by governments. In this regard, Sharma ruled out a bitcoin bottom, noting that the price would continue falling before bouncing back up.
“I’m not ready to call [market] So far down for bitcoin and cryptocurrencies. The US bear market regime driving risk appetite globally is still at play,” he said.
Bitcoin surges above $21,000
His sentiment comes as Bitcoin continues to make marginal gains from the crucial $20,000 level. At press time, the leading cryptocurrency was trading at $21,270, with a gain of less than 1% over the past 24 hours.
In a previous comment, Sharma warned that the government would not be successful in regulating crypto. He said that while one government strategy to control bitcoin is to print excessive money, the strategy he devised will not work.
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