Chairman of Rockfeller International: "Bitcoin will soon return to growth"

Article Reading Time:
1 min.

Managing Director and ChairmanRockfeller International, who previously served as chief strategist at Morgan Stanley, Ruchir Sharma believes that Bitcoin will soon return to growth and reach new heights.

Ruchir Sharma recalledAmazon's situation in the early 2000s, during the dot-com bubble, when the retailer's stock price collapsed by 90%. However, the shares then recovered, and over the next 20 years they grew another 300 times. A top manager at Rockfeller International believes that a similar situation could happen with the first cryptocurrency.

Sharma noted that Bitcoin and cryptocurrenciesbecame victims of a “global speculative mania.” At the same time, the deleveraging process is not over yet, and in the next six months the Bitcoin rate may decline further amid the fall of the stock market. Sharma recalled that in the stock market, a bearish trend usually lasts about a year, and indices fall by 35%. Currently the market is down only 20%.

“I wouldn’t say that we are already at the bottom. The bearish trend in the US, which is the driver of demand for risky assets around the world, is still ongoing,” Sharma said.

According to the Chairman of RockfellerInternational, the US dollar's position as the world's reserve currency is now under threat. At the same time, he does not see competitors from fiat currencies, but a “window of opportunity” has opened for Bitcoin and other cryptocurrencies. Sharma believes that within three to five years, top cryptocurrencies will become significantly more stable, which will allow them to displace the US dollar.

Earlier, Ruchir Sharma said that Bitcoin is quite capable of displacing the US dollar in the field of payments.