The price of bitcoin has taken several hard hits over the past 14 months, but according to legendary investor Mark Mobius, he thinks things are going to get a lot worse before they get better. In fact, he sees the world’s number one digital currency by market cap falling to a new low of $10K before it begins its rebound.
Mark Mobius Isn’t Crazy About Bitcoin
Mobius has never been a bitcoin fan. At times, he’s referred to it in rather derogatory ways, even calling it a “psycho” currency in the year 2019. During that era, he expressed his thoughts on BTC, claiming he didn’t trust it as its price spikes weren’t based on anything except hardcore speculation. He said the only thing keeping BTC up was the belief it had from average investors, and he hinted that should that ever die down (like it is now), BTC would soon find itself in the can.
I call them psycho currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cybercurrencies… I think with the rise of [bitcoin], there’s going to be a demand for real, hard assets, and that includes gold.
Now, over three years later, his sentiment hasn’t changed much, though he did mention that even with the recent fall of FTX and the ongoing bearish trends witnessed in today’s crypto market, he doesn’t feel bitcoin is going to disappear completely. Rather, while he believes it may continue to go down in price, he thinks it’s held up rather well given all it’s been through in the last year.
He claimed in a more recent appearance:
But crypto is here to stay as there are several investors who still have faith in it. It’s amazing how bitcoin prices have held up.
Despite this little note of positivity, he was quick to mention that he would never invest any money of his own into BTC or other cryptocurrencies, citing them as “too dangerous.”
The Worst Year for Crypto?
2022 will likely go down as one of the worst years – if not the worst year – for bitcoin. In November 2021, the currency reached a new all-time high of about $68,000 per unit. It felt like the currency was on a ladder that could never topple, but these thoughts were proven wrong as soon as the new year came into play.
From there, the asset endured a long series of price dips that eventually saw it lose more than 70 percent of its overall value. The currency dropped into the mid-$16K range, and while a few small rallies occurred here and there, many traders and analysts tried to warn others that getting too excited early was a big mistake. Overall, crypto space lost more than $2 trillion in valuation in 2022.