According to Rockefeller International Managing Director and Chairman Ruchir Sharma, Bitcoin has been spoiled by too much cheap money and speculation. Nevertheless its fundamentals are strong and a bright future is looming.
The former emerging markets investor at banking giant Morgan Stanley is expecting Bitcoin to make a comeback just like that of e-commerce giant Amazon, which shares tanked about 90% in the early-2000s but since rose more than 300 times in value.
Speaking with crypto news outlet CoinDesk, Sharma said:
“We need the excesses to get weeded out. And then we can see the emergence once again of bitcoin and cryptocurrencies, as a steadier asset.”
However, he said, currently Bitcoin is “caught up in this speculative mania.”
“The dependence on the U.S. dollar in general cannot continue … There is a need for having another currency out there with some transactional need, which is a bit more stable in value … Three to five years from now, hopefully [bitcoin] will emerge as a more stable asset.”
Noting that the speculative excess needs to clear, the Rockefeller Chairman explained:
“I’m not willing to call the [market] bottom as of yet on bitcoin and cryptocurrencies. The U.S. bear market regime, which is the driver of risk appetite around the world, is still very much in play.” Nevertheless, “the window of opportunity is open” he concluded.
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