Veteran investor and co-founder of Mobius Capital Partners, Mark Mobius, warned the leading crypto asset Bitcoin (BTC) that devastating losses still await.
In a new interview with Financial News London, Mobius warned against “buying at the bottom” and said a meltdown is on the horizon that will bring the largest digital asset by market cap to $10,000.
Mobius stated that the “buy at the bottom” strategy may have worked for traders in the past, but this time it was not a good idea. However, he added that there could be a slight upside once Bitcoin slumps to $20,000 before dropping to $10,000 once again.
“[Dipten satın almak] This time it won’t work until Bitcoin reaches $20,000, there might be a bounce from there, but then the next target will be $10,000.”
With the recent crypto market crash caused by stablecoin issuer and Ethereum rival Terra (LUNA), Bitcoin price slumped from a seven-day high of $36,242 to $26,910.
Earlier, Mobius had warned traders that crypto assets were not “investments” or good hedging tools against inflation, preferring stocks instead as a tool against devaluation of fiat currency. Also, the veteran investor referred to Bitcoin and digital assets as “religion”.
“Equities are definitely the answer because devaluation of currencies will not go away, which means inflation will continue at a high rate. Remember, the US money supply increased by over 30%.
Bitcoin and cryptocurrency status is religion. It’s not an investment, it’s a religion. They believe this. People think they’re getting rich, and it’s okay as long as the music keeps playing.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.