POLITICS

Bad news for crypto investors! Market legend makes damning Bitcoin prediction

Reported By:DNA Web Team| Edited By: DNA Web Team |Source: DNA webdesk |Updated: Nov 28, 2022, 09:34 PM IST

In what will be unwelcome news for cryptocurrency investors, legendary investor Mark Mobius has predicted that Bitcoin will continue its fall from the peak of nearly $69,000 in November 2021. 

Mobius, who is the co-founder of Mobius Capital Partners and has an estimated net worth of $50 billion, has called digital currencies “too dangerous”. He added that he would neither invest his own money nor his clients’ in digital assets.

Speaking on the future of crypto in Singapore, Mobius said that his next target for Bitcoin is $10,000, a number which will take the crypto market leader back to the levels of more than two years ago in 2020.

Statistic: Bitcoin (BTC) price per day from Apr 2013 - Nov 27, 2022 (in U.S. dollars) | Statista
Find more statistics at Statista

However, Mobius added that cryptocurrencies are here “to stay”, noting that it still holds the trust of “several investors”. He also called Bitcoin holding ground amid the FTX collapse as “amazing”.

The crypto market is reeling from the impact of the rapid descent and eventual bankruptcy of FTX exchange, founded by Sam Bankman-Fried. Crypto analysts in some quarters are also predicting a similar slide in Bitcoin, as predicted by Mobius. 

Bitcoin is currently at $16,195.50  as of 9:30 pm (IST) on Monday, November 28, 2022. Other major cryptocurrencies like Ether and Dogecoin have also been in the red. The top 100 cryptocurrencies have lost nearly 65 percent of their value in 2022.

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