Rockefeller Chairman: Bitcoin on the Recovery Path

Ruchir Sharma believes the current dip foreshadows an upcoming bull run.

Rockefeller Chairman: Bitcoin on the Recovery Path

The past few months posed a threat to the price of the many cryptocurrencies, especially Bitcoin. Bitcoin’s current bearishness has not put the hope of big investors to doubt, though. The Chairman of Rockefeller International, Ruchir Sharma remains positive about the situation and looks forward to the increasing prices.

He claims that Federal Reserve policies have been hurting cryptocurrencies as a whole, while the current downfall is said to be caused by a huge bubble that should allow Bitcoin to rise once it bursts. Sharma believes that the stronger cryptocurrencies, such as Bitcoin, are being held back by a large number of smaller less impactful currencies. During the interview with CoinDesk he stated:

“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.”

According to Sharma, Bitcoin, which represents one of the best modern innovations, has the potential to outcompete the US dollar and steal its worldwide spotlight. He also added that within the next half-year, Bitcoin’s performance will depend on the policies implemented by governments around the world.

In other words, Sharma believes that while the current bubble is hurting Bitcoin as such, it will eventually eliminate a number of cryptocurrencies that seem to be causing it. At the time of writing, the asset is trading at roughly $20,370.46, according to CMC data.

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