Bitcoin (BTC), Cryptocurrency, News, Price Analysis, Stocks

Bitcoin (BTC): When Should We Expect a Comeback?

Rockefeller International Chairman and Managing Director Ruchir Sharma believes BTC is a lucrative idea. However, he trusts speculative zeal and cheap capital access have wrecked the digital currency.

Ruchir Sharma joins the list of recognized individuals who support Bitcoin’s sustained existence. Sharma showed his preference for a system free from USD dominance. Though there hasn’t been a currency that can replace the dollar, the exec trusts BTC could be the future of finance.

Is BTC Like Amazon?

The pro-BTC Sharma claimed that Bitcoin price might act similar to the leading retailer globally, Amazon. He asserted that the Amazon rise case after losing 90% of its value might reflect in cryptos’ future prices.

The renowned investor stated that Bitcoin remained trapped in the speculative mania. He commented on the Amazon scenario again, suggesting that the corporation took some time to recover. The online retailer took a while before its shares attained and exceeded their 1999 mark.

Amazon shares note a significant value slump following the early 2000 dot-com bubble burst. Nevertheless, the stock has seen its value increase over 300 times in the following 20 years. Also, Sharma forecasted substantial plunges in BTC and other cryptocurrencies in the coming six months, potentially due to the current US stock turmoil.

He claimed that equities often decline by 35% amidst bear markets, which last nearly a year. The current (less than one-year-old) bear market has had S&P 500 losing 20%. Nevertheless, the exec refrained from calling a market bottom for Bitcoin and the crypto space due to the prevailing US bear market dominance, which drives risk appetite globally.

The USD Alternative?

Sharma favors a financial system that will not show USD dominance. Though the United States dollar remains unchallenged, he trusts BTC could be the solution. The expert believes Bitcoin can gain that status in the coming five years, provided it attains stability.

Also, Sharma commented on the Fed’s moves, saying he didn’t expect an open risk appetite yet. Others, such as Josh Olszewicz of Valkyrie, believe volatility should reduce before BTC’s price stabilizes on its charts.

Stay tuned for the latest market developments.

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