Unwavering faith in Bitcoin – As small hands panic in the crypto market, the highest levels of global investing show up very confident about the future of Bitcoin (BTC). Recently, the investment director of the giant BlackRock reiterated that he still considered Bitcoin and cryptocurrencies as “sustainable assets”. Today, he is the president of Rockefeller International who shares this optimism long term for crypto-assets.
A Bitcoin that will oust the dollar in 3 to 5 years
Ruchir Sharma is the type to have already done well as an investment fund manager in traditional finance. His name is also not unknown to the cryptosphere. Already in 2020, when he was investment manager for the big bank Morgan Stanley, Ruchir Sharma had already announced that the young Bitcoin might one day supplant the aging US dollar. The king of cryptocurrencies would thus become an international currency of exchange.
Now President of Rockefeller International, Ruchir Sharma recently gave an interview to the crypto-media CoinDesk. His opinion on the end of the hegemony of the American dollar is still as severe. Therefore, Bitcoin remains one of its possible replacements:
“The reliance on the US dollar, globally, cannot continue. It is necessary to have another currency which makes it possible to carry out transactions, and whose value is a little more stable. In 3-5 years, it is to be hoped that Bitcoin will emerge as a more stable asset. »
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A “comeback” of Bitcoin worthy of that of Amazon?
After the bursting of the Internet bubble in the year 2000the share value ofAmazon (AMZN) had fallen sharply… to the point of being divided by 20 (less of 30 cents dollar) from its peak at the time. As of this writing in July 2022, the stock is trading around $115.
Rockefeller International chairman sees trajectory very similar for Bitcoin : strong long-term growth.
“Bitcoin can make a winning comeback, like that of e-commerce giant Amazon. (…) We first need the excesses [d’euphorie spéculative] be eliminated. And then we can see the emergence of Bitcoin and cryptocurrencies again as a calmer asset class. »
By the way, Ruchir Sharma not yet convinced that we have quite reached the bottom (market low point) on cryptos. For the moment, the leader is not like this ” not ready “ to call his investment fund to bet on Bitcoin.
After the very recent Three Arrows Capital (3AC) fund disasterwhich itself succeeds the catastrophe of Terra (LUNA) and its UST, one can fully understand the caution (a priori temporary) of the president of Rockefeller International. But if Bitcoin were to become a international currency one day, there seems little chance that the BTC valuation will stay at just $20,000. Indeed, Bitcoin has 21 million units (and not one more).
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