Ruchir Sharma, a former investor at Morgan Stanley, author, and the Chair of Rockefeller International finds that Bitcoin's decline can end and the cryptocurrency can make a comeback as Amazon did in the early 2000s. Then, at the time of the dot com collapse, the tech company lost 90% but eventually increased over 300X in value in the next 20 years.
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According to Sharma, for the BTC price growth, the coin needs the excesses to be removed. He shared his views during the CoinDesk "First Mover" program. Afterwards, we can expect the emergence of BTC and other cryptos as a steadier asset.
Sharma noted that speculations around Bitcoins continue and the collapse isn't complete yet. Referring to Amazon's history, he noted that it took a few years for the company to recover and surpass its 1999 level.
The executive supposes Bitcoin and other cryptos can see further declines given the U.S. stocks decline. Currently, Bitcoin trades at around $21,700. It's 68.4% down from its all-time high of $68,789 reached on Nov. 10, 2021.