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- Recent weeks haven’t been kind to the crypto market as the sector experienced a heavy plunge, including the collapse of a major stablecoin.
- A veteran investor and a disciple of Warren Buffet told CNBC that it is going to witness some more bloodbath.
- As of now, the total crypto market cap is standing at $1.1 Trillion, with Bitcoin and Ethereum dominating the market.
This is Not The End
The bitcoin price is continuing to be weighed down by rising concern about the status of the global economy and investors’ risk-off attitude.
The most valuable virtual currency has already lost a significant amount of value in recent weeks, and analysts believe the worst is yet to come.
Mohnish Pabrai, a seasoned value investor, warned CNBC that cryptocurrency investments will ultimately tumble to the “great zero.”
Over the last two weeks, bitcoin bulls have been able to maintain the important $30,000 price level. While market players anticipate a major return following months of bloodshed, other analysts have predicted a deeper sell-off.
This isn’t the only time Pabrai has targeted cryptocurrency assets. Last December, the renowned investor stated his displeasure with the rapid arrival of new currencies to the crypto market on a podcast.
Pabrai, who previously spent $650,000 on a charitable meal with Warren Buffett, forecast that the crypto market will crash to zero and “hurt many people” at the time.
Warren Buffett Is Still Against Crypto
Warren Buffett, the CEO of Berkshire Hathaway, has long chastised virtual currencies for their shortcomings and extreme volatility.
The 91-year-old billionaire investor recently stated that cryptocurrencies are useless and that he would not acquire all of the bitcoin on the market, even if it were handed to him for a pittance of $25.
Meanwhile, Charlie Munger, Buffett’s sidekick, and Berkshire Hathaway vice-chairman has earlier noted that bitcoin is “dumb” since it “is still likely to fall to zero.”
Many people are unsurprised by Buffett and Munger’s dislike for bitcoin. Large financial institutions and financial intermediaries such as Bank of America, Wells Fargo, Visa, and Mastercard make up a significant portion of Berkshire Hathaway’s and Munger’s portfolios – firms that crypto hopes to impact the most.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
