Ruchir Sharma, chairman of investment management firm Rockefeller International, has expressed a bullish view on the future of Bitcoin as cryptocurrencies are currently maneuvering in a bear market.
In an interview, Sharma argued that he believes Bitcoin will ‘make a comeback’ but argued that the cryptocurrency market needs to get rid of weak assets before it can rise again. He noted that FED policies are hurting BTC and crypto in general, but he said the current downturn is part of the overall growth trajectory.
The economist, who previously served as the chief strategist of Morgan Stanley, stated that the recent cryptocurrency rise is a bubble and when it bursts, BTC will stand out.
Sharma expressed his thoughts on the subject as follows:
“We need to weed out the excess, then we can see Bitcoin and crypto emerging as a stable asset. But right now they are caught up in speculative frenzy. It is only a matter of time.”
Sharma also compared the movement in the crypto market to the dot com bubble that spawned giants like Amazon. According to Sharma, BTC is a good idea and has the potential to be an alternative to the dominance of the US dollar. However, Sharma said that the next 6 months will be critical for BTC, according to the monetary policy that countries will implement.