- Mark Mobius presents a real picture of BTC.
- Market downturns and BTC.
- At the time of writing, BTC is at $16,496.6.
What are his Thoughts?
The American-born German billionaire investor, Mark Mobius, has predicted that Bitcoin (BTC) can slump to $10,000 in the “dangerous” crypto market.
Mobius Capital Partners LLP’s co-founder, said in an interview at Singapore, that BTC may decline to $10,000 levels. He also said that he would not like to put his money into the current rapidly-changing and risky crypto world.
Few hours ago, Mark Mobius tweeted on Twitter, “In fact, #Bitcoin price could drop to zero if no one is willing to buy and hold it. One use of Bitcoin is to transfer money from one country to another without govt interference. This function could be used for good or for bad.”
In the wake of the FTX collapse that has extended crypto winter, BTC has gone through many ups and downs. At the time of writing, BTC is trading at $16,496.6 with a volume of $25.17 billion. Some crypto veterans at the initial phase of the crypto industry said that “cryptocurrency’’ is deflationary, but in current times, it cannot be felt that they were ”true.”
Another tweet came from the Mark Mobius stated-
“#Cryptocurrencies should not be treated as an investment since they have no intrinsic earnings capability. You are depending on someone else to hold it and buy more so the price goes up. #Bitcoin could go down to $10,000 if people lose faith in it.”
According to Bloomberg, Mark Mobius reflected on the other side, “But crypto is here to stay as there are several investors who still have faith in it,” he added further, “It’s amazing how Bitcoin prices have held up”, in the midst of the FTX crash.
According to the sources, in December 2017, Mark Mobius laughed at the idea of investing in BTC, he sarcastically said it, “giving tulips a bad name” with its followers in a myth to make BTC a “CryptoGod”-
“If you really do some close examination, you have to realize it’s not a currency. It’s a medium of exchange.”
Further, billionaire Ray Dalio expressed his thoughts on BTC, that it is neither a medium of exchange or a store of value. Also, he augmented the crypto community to change their thoughts about the industry.
In an Interview with CNBC in early 2021, Mark Mobius said that the BTC holders are in illusion of this “religion”, considering it as a viable investment-
“It’s not an investment it’s a religion. People believe in it; people think they are getting richer.”
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