Ruchir Sharma, the Rockefeller International Chairman, believes the BTC decline will continue in the short-term. He is very much supportive of the world’s most popular cryptocurrency. Sharma says Bitcoin could make a comeback in similar fashion to that of Amazon, which plunged 90% in the early-2000s dot-com collapse. The e-commerce giant rose more than 300 times in value over the next 20-plus years.
Sharma said there is a need for excesses to be weeded out. He outlined that it will help Bitcoin and cryptocurrencies emerge as a steadier asset. The executive says that for now, BTC remains caught up in this speculative mania whose global collapse still isn’t complete. He used the Amazon as an example to point out that recovery will take time. The next six months could record further drops due to a continued decline in US stocks. Typical bear markets last around a year with stocks falling 35%.
The former emerging markets investor at Morgan Stanley says dependence on the US dollar cannot continue. Sharma believes there is a need to have another currency with some transactional need – bit more stable in value. He said that about three to five years from now, Bitcoin will likely emerge as a more stable asset. The Bitcoin enthusiast sees the crypto winter continuing into the next couple of months. There could be further drops.