Ruchir Sharma is the chairman of Rockefeller International, an investment management firm, believes that Bitcoin will make a comeback.
- In an interview with CoinDesk TV Sharma states that Bitcoin “will make a comeback” although first “We need the excess to get weeded out then we can see the emergence of Bitcoin and cryptocurrencies as a steady asset. But now it is caught up in this speculative mania … It’s just a matter of time,”
- Sharma adds that “The dependence on the U.S. dollar in general cannot continue … There is a need for having another currency out there with some transactional need, which is a bit more stable in value … Three to five years from now, hopefully [bitcoin] will emerge as a more stable asset.”
- Sharma also compared the recent decline of cryptocurrencies to that of Amazon when it collapsed by over 90% when the dot-com bubble popped in the early-2000s.
- Ruchir Sharma believes that bear markets last typically a year and see a 35% drop in stock prices, and “this current bear market is less than a year old and the S&P 500 has fallen by just 20%.” Adding “I’m not willing to call the bottom as of yet on bitcoin and cryptocurrencies. The U.S. bear market regime, which is the driver of risk appetite around the world, is still very much in play.”
