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- Mark Mobius predicts the immense decline to be seen in 2023.
- Recent market turmoil leading to major cryptocurrencies fall.
- At the time of writing, BTC is trading at a market price of $17,019.68.
Mark Mobius ‘Remarks
Bitcoin (BTC) could dribble down by $10,000, accounting for more than 40% from the current bidding price till 2023, said the billionaire investor Mark Mobius.
Previously, veteran investor Mark Mobius predicted right, that the BTC may fall to $20,000 levels and that was exactly what happened. As in the present scenario, the BTC has already broken its technical support levels, dragging down from $18,000 to $17,000, which can be a huge reason for the investors to mourn in future, if they decide to bet wrong.
According to the sources, as in December 2017, Mark Mobius sarcastically commented on the idea of investing in BTC, commenting like “giving tulips a bad name” for the blind believers. He also stated, “If you really do some close examination, you have to realize it’s not a currency. It’s a medium of exchange.”
Also, the BTC holders who are day dreaming of making quick money from the digital assets, may tend to drain completely. As on November 29, Mark Mobius posted in a tweet on Twitter-
“#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.”
What does he Want to “Highlight”?
Mark Mobius, famed by the Franklin Templeton Investments, warns the continuing fall of falling BTC to everyone may bring havoc, in the midst of soaring interest rates and the tightening of crypto regulations globally.
Mark Mobius stated through an email, “With higher interest rates, the attraction of holding or buying Bitcoin or other cryptocurrencies becomes less attractive since just holding the coin does not pay interest.”
“Of course there have been a number of offerings of 5% or higher interest rates for crypto deposits but many of those companies offering such rates have gone bust partly as a result of FTX. So as those losses mount people become scared of holding the crypto coin in order to earn interest,” Mark added.
Luna terra collapse, extended crypto winter, worsened the market turmoil added by the FTX crash. At the time of writing, BTC is trading at the price of $17,019.68. Also, Mark Mobius highlighted the other side of crypto regulations, “Now as the Fed is drawing back that cash the ability for people to play in the market becomes much more difficult.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
