Ruchir Sharma, president of investment management firm Rockefeller International, said: cryptocurrencies currently maneuvering in a bear market of bitcoin expressed his bullish view on the future.
“BTC Will Become More Prominent After Weak Assets Are Weeded”
In an interview with CoinDesk TV, Sharma argued that he believes Bitcoin will ‘make a comeback’ but argued that the cryptocurrency market needs to get rid of weak assets before it can rise again.
Sharma noted that FED policies are hurting BTC and crypto in general, but he said the current downturn is part of the overall growth trajectory. The economist, who previously served as the chief strategist of Morgan Stanley, stated that the recent cryptocurrency rise is a bubble and that when it bursts, BTC will stand out.
Sharma expressed her thoughts on the subject as follows:
“We need to weed out the excess, then we can see Bitcoin and crypto emerging as a stable asset. But right now they are caught up in this speculative frenzy. It is only a matter of time.”
Bitcoin’s Future Price Action
Sharma also compared the movement in the crypto market to the dot com bubble that spawned giants like Amazon.
According to Sharma, BTC is basically a good idea and has the potential to be an alternative to the dominance of the US dollar. He also stated that the window of opportunity is now open for Bitcoin to emerge as an important global currency.
However, Sharma said that the next 6 months will be critical for BTC, according to the monetary policy that countries will implement. Accordingly, Sharma ruled out any BTC bottom, stating that the value would drop further before rising again:
“I don’t want to say that the market has just hit bottom when it comes to BTC and cryptocurrencies. The US bear market mode, which is the driving force of risk appetite worldwide, still continues very strongly.”
*Not investment advice.